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Tenet Closes $17M Sale of Graduate Hospital

PHILADELPHIA-With completion of this buy, Penn Health is poised to begin re-configuration of the facility in joint venture with Allentown's Good Shepherd.

By Marita Thomas | Updated on April 02, 2007

PHILADELPHIA-The University of Pennsylvania Health System’s previously announced agreement to acquire Graduate Hospital from Dallas-based Tenet Healthcare Corp. has closed. The price was $16.5 million.

In a statement, Tenet executives say the company is “engaged in active discussions or negotiations with potential bidders for each of the remaining five hospitals” it put on the sales block in the summer of 2006. Two of them, Roxborough Memorial Hospital here and Warminster Hospital in Bucks County, are among the five. The others are in Los Angeles and New Orleans.

Tenet acquired seven Philadelphia-area hospitals from Allegheny Health System, which went bankrupt in 1998. Graduate is the third disposition from this portfolio. Tenet plans to continue to own and operate Hahnemann University Hospital and St. Christopher’s Hospital for Children, which are both located here.

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