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Penn Health Takes Tenet's Graduate Hospital

PHILADELPHIA-One of three area hospitals Tenet put up for sale, Graduate will receive a $30-million makeover to become a rehab facility.

By Marita Thomas | Updated on January 23, 2007

PHILADELPHIA-The University of Pennsylvania Health System has signed an agreement to acquire Graduate Hospital from Dallas-based Tenet Healthcare Corp. Graduate is one of three area hospitals Tenet put up for sale last summer and the first to trade. Roxborough Memorial Hospital here and Warminster Hospital in Bucks County remain to be sold.

Terms of the transaction, which is expected to close by March 30, are undisclosed. A Tenet spokesman tells GlobeSt.com, “the price is reached through negotiations in a methodical process that covers many elements, including the buyer’s proposal for the future of the facility,” and will be disclosed once the agreement is complete.

According to public records, the market value of the Graduate property is $15.8 million. When Tenet first announced its plan to sell 11 hospitals, including three here, Trevor Fetter, president and CEO, said the company anticipated aggregate proceeds of between $250 million and $275 million.

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