Tenet Healthcare Corp., Dallas, said it has completed the sale of 420-bed Brotman Medical Center, Culver City, Calif., to a group of local investors and physicians on the hospital's medical staff.
Prospect Medical Holdings, Culver City, which owns 10 independent practice associations with more than 4,000 physicians, invested $1 million in the ownership group for a minority stake. Tenet said it expects its after-tax proceeds to be about $27 million, including the $11 million sales price disclosed in May by Prospect and the liquidation of working capital.
With the closing of the deal, Tenet has divested 23 hospitals from a list of 27 hospitals slated for divestiture in January 2004. Tenet owns or operates 69 core hospitals and the four facilities remaining on the divestiture list.