The transaction is subject to regulatory approvals. The price is undisclosed until the deal reaches completion, which is expected to occur by June 30. Under the agreement, Solis has committed to employ substantially all of the hospitals' existing staff.
These are the last of the Philadelphia-area hospitals among 11 here and elsewhere that Tenet put on the sales block in June 2006. Earlier this month, as GlobeSt.com reported, the University of Pennsylvania Health System acquired Graduate Hospital here from Tenet for $16.5 million.
Tenet acquired a portfolio of hospitals in this area from Allegheny Health System, which went bankrupt in 1998. It since closed the City Avenue and Parkview hospitals within that group and sold Elkins Park Hospital and the Medical College of Pennsylvania Hospital. It will continue to own and operate Hahnemann University Hospital and St. Christopher's Hospital for Children, both located here.
Roxborough Memorial is a 137-bed acute-care hospital at 5800 Ridge Ave. Warminster is a 153-bed acute-care hospital at 225 Newtown Rd. in Warminster. Donnelly has held the top post at Roxborough for the past 17 years. A call by GlobeSt.com to him was directed to the Tenet communications office, and Souaid could not be reached by deadline.
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