Tenet Healthcare Corp., Santa Barbara, Calif., will sell its 158-bed Elkins Park (Pa.) Hospital to Albert Einstein Healthcare Network, Philadelphia. Specific terms of the deal were not disclosed; however Tenet said its gross proceeds, including purchase price and liquidation of working capital invested in the hospital, would be $13 million. Einstein said it plans to move a 121-bed rehabilitation unit from its flagship Albert Einstein Medical Center, Philadelphia, to Elkins Park. The health system said it would take 60 days to plan the services that would be offered at the Elkins Park hospital. The deal is expected to close within 60 days, pending regulatory approval, Tenet said. With the deal, Tenet has definitive agreements to sell six of the 14 hospitals it plans to sell or close. Two of the 14 are slated for closure. -- by Vince Galloro
Albert Einstein system to buy Tenet Pa. hospital
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