Tenet Healthcare Corp., Santa Barbara, Calif., agreed to sell three Massachusetts hospitals to Vanguard Health Systems, Nashville, with closing expected by Dec. 31, pending regulatory approvals. The facilities -- 288-bed St. Vincent Hospital at Worcester (Mass.) Medical Center and two-campus, 420-bed MetroWest Medical Center in Natick and Framingham -- are among 27 hospitals Tenet slated for divestiture in January. Vanguard said it would pay $100.3 million for the three hospitals. Tenet said its after-tax proceeds from the sales, including liquidation of working capital, were estimated at $167 million. The company has sold or has deals to sell 20 of the 27 hospitals on the January list. It completed a separate, 14-hospital divestiture in 2003. At the end of its planned divestitures, Tenet will own or operate 69 hospitals. Privately held Vanguard will own or operate 19 hospitals when the deal with Tenet closes. Vanguard's chairman and chief executive officer, Charles Martin Jr., is familiar with St. Vincent Hospital. The hospital was part of OrNda HealthCorp, which Martin led and eventually sold to Tenet in 1997. -- by Vince Galloro
Tenet to sell three Mass. hospitals to Vanguard
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