Tenet Healthcare Corp.
has officially acquired Emanuel Medical Center, a 354-bed, evangelical Christian hospital in Turlock, Calif.
Terms of the deal were not disclosed. Emanuel's acquisition
marks the 80th hospital within Tenet's nationwide network.
The transaction had been in the works for more than 18 months, while the Dallas-based for-profit hospital operator ran into regulatory hurdles.
The Federal Trade Commission
conducted an investigation of Tenet’s purchase for potential anticompetitive practices. Including Emanuel, Tenet owns Doctors Medical Center in Modesto, Calif., and Doctors Hospital of Manteca (Calif.), all of which are located within a 30-mile corridor.
However, the FTC finally cleared the deal
this past November. Kaiser Permanente and Sutter Health also have facilities in the greater Modesto area.
Emanuel will keep its affiliation with the Evangelical Covenant Church, and will maintain all its faith-based healthcare practices. Tenet spokesman Steve Campanini said a not-for-profit foundation also will be created.
Additionally, Tenet named Susan Micheletti as Emanuel’s new CEO, effective Friday. Micheletti previously was chief operating officer of Tenet’s San Ramon (Calif.) Regional Medical Center.
It’s been a busy summer of M&A activity for Tenet. Last week, it agreed to buy a majority stake in Carondelet Health Network
in Tucson, Ariz. Earlier in July, the corporation said it planned to acquire the assets of St. Mary’s Hospital
in Waterbury, Conn., potentially its fifth hospital in the state. And Texas Regional Medical Center
in Sunnyvale became part of Tenet in early June.
The company will report second-quarter earnings after U.S. stock markets close trading Monday.Follow Bob Herman on Twitter: @MHbherman