Tenet completes sales spree, deals six Calif. hospitals
Dallas-based Tenet Healthcare has announced it has completed two previously announced transactions resulting in the sale of six California hospitals and their related operations.
Previously disclosed terms valued the transactions at a combined $1.5 billion.
The larger of the deals saw Tenet send three Orange County hospitals and one Los Angeles County hospital to UCI Health for a reported $975 million. The transaction included Fountain Valley Regional Hospital, Lakewood Regional Medical Center, Los Alamitos Medical Center, Placentia-Linda Hospital and their related operations.
UCI Health is the only academic health system operating in Orange County. The acquisition will add 858 inpatient beds to the 459 already licensed at the organization’s UCI Medical Center.
“This is a historic day for UC Irvine, California and beyond. We celebrate the transformation of UCI Health as a leader in the integration of academic and community-based health systems while promoting solutions to challenges facing healthcare,” UC Irvine Chancellor Howard Gillman says in a news release.
Tenet also completed the sale of its two San Luis Obispo hospitals and related operations to Adventist Health. The completed transaction includes Sierra Vista Regional Medical Center, Twin Cities Community Hospital and is worth $550 million. A Tenet subsidiary, Conifer Health Solutions, will continue to provide revenue cycle services for Adventist.
Evan joined TriMed in 2011, writing primarily for Health Imaging. Prior to diving into medical journalism, Evan worked for the Nine Network of Public Media in St. Louis. He also has worked in public relations and education. Evan studied journalism at the University of Missouri, with an emphasis on broadcast media.