After losing out on a $1 billion acquisition what is this? to Nashville-based HCA, Tenet Healthcare Corp., Santa Barbara, Calif., won the bidding for 173-bed Slidell (La.) Memorial Hospital and Medical Center, a public hospital near New Orleans. If the long-term lease is completed, Tenet would own both hospitals in Slidell, including 147-bed Northshore Regional Medical Center. Tenet and Slidell signed a letter of intent that would grant Tenet a 50-year lease of the hospital in return for $130 million and a commitment to invest $40 million in the hospital over the next five years, Slidell officials said in a news release. "Tenet's proposal guarantees that (Slidell Memorial) will remain an acute-care hospital," Slidell said. A lease agreement is expected to be completed in the next six to eight weeks. The deal requires the approval of the Louisiana attorney general and the Federal Trade Commission. Slidell officials hope to close the deal by December. Tenet and HCA were the two finalists to acquire Health Midwest, Kansas City, Mo., which this week chose HCA's $1.125 billion offer.
-- by Vince Galloro