Local Firm Forms to Buy Tenet Hospitals

PHILADELPHIA-Solis Healthcare LLC has been formed specifically to acquire Roxborough Memorial Hospital here and Warminster Hospital in Warminster from Dallas-based Tenet Healthcare Corp. Jack Donnelly, who is the CEO of Roxborough, and Robert Souaid, who has owned healthcare properties in the Southeast, head Solis, which will operate both facilities.

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.