Business
Tenet to sell 3 Mass. hospitals
NEWS IN BRIEF — Posted Nov. 1, 2004
Tenet Healthcare Corp. has agreed to sell three acute care hospitals in Massachusetts as part of an ongoing restructuring effort. Under the deal, a subsidiary of Vanguard Health Systems Inc. would acquire the 348-bed Saint Vincent Hospital at Worcester Medical Center in Worcester and the 420-bed, two-campus MetroWest Medical Center, comprised of Leonard Morse Hospital in Natick and Framingham Union Hospital in Framingham. Tenet expects to raise about $167 million from the sale, which is subject to regulatory approval and is expected to be completed by Dec. 31.
Tenet announced in January that it would sell or divest 27 hospitals as part of a major restructuring effort in the wake of legal and financial woes. Including the three hospitals in Massachusetts, the Santa Barbara, Calif.-based chain so far has definitive agreements to sell or has sold 18 of the 27 facilities.
Vanguard, based in Nashville, Tenn., owns and operates 16 acute care hospitals in four states.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2004/11/01/bibf1101.htm.
