Tenet Healthcare Corp., Santa Barbara, Calif., said it has executed a definitive agreement to sell four California hospitals to physician-owned AHMC, marking the first multi-hospital sale for Tenet from a list of 27 hospitals it slated for divestiture in January. Tenet expects to receive about $100 million from AHMC for the facilities. AHMC, owned by Jonathan Wu, operates two acute-care hospitals, Alhambra (Calif.) Hospital Medical Center and Doctors' Hospital Medical Center of Montclair (Calif.). The four hospitals it is purchasing are: Garfield Medical Center, Monterey Park; Greater El Monte Community Hospital, South El Monte; Monterey Park (Calif.) Hospital; and Whittier (Calif.) Hospital Medical Center. The deal, subject to regulatory approvals, is expected to close by Sept. 30. Tenet has sold one other hospital on the divestiture list, Brownsville (Texas) Medical Center. The company expects to complete its full divestiture program by Dec. 31, leaving it with 69 hospitals. -- by Vince Galloro
Tenet to sell four hospitals to doc-owned firm
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