Tenet Agrees to Sell Roxborough Memorial Hospital and Warminster Hospital to Solis Healthcare LLC
DALLAS – Tenet Healthcare Corporation (NYSE: THC) announced today that a company subsidiary has signed a definitive agreement to sell Roxborough Memorial Hospital, a 137-bed acute care hospital located in Philadelphia, and Warminster Hospital, a 153-bed acute care hospital located in Warminster, Pa., to Solis Healthcare LLC. The sale is expected to be completed by June 30, 2007. Financial terms will be disclosed upon completion of sale.
Under the agreement, Solis Healthcare has committed to offer employment to substantially all current employees who are in good standing who meet their conditions of employment. The transaction is subject to regulatory approvals.
Solis Healthcare was newly created to own and operate Roxborough Memorial Hospital and Warminster Hospital. Based in Philadelphia, Solis is led by healthcare veterans Robert G. Souaid and Jack Donnelly. Robert Souaid has been an owner of healthcare properties in the Southeastern United States for the last dozen years, and has extensive healthcare group purchasing consulting experience. Jack Donnelly has served the Philadelphia healthcare community in various capacities for the past 35 years, and for the previous 17 years he has been the chief executive officer of Roxborough Memorial Hospital. Solis Healthcare is committed to providing the highest quality care possible to its patients by providing access to compassionate and affordable care through its hospitals.
Tenet announced in June of 2006 that Roxborough Memorial Hospital and Warminster Hospital were among 11 hospitals identified for divestiture as part of the company’s ongoing turnaround initiative.
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