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Buyer Pays Nearly $26M for Tenet Hospitals

PHILADELPHIA-Solis Healthcare LLC, formed to buy Roxborough Memorial and Warminster hospitals, closes the deal at $25.5 million and will operate both.

By Marita Thomas | Updated on July 02, 2007

PHILADELPHIA-Solis Healthcare LLC, the company formed to buy Roxborough Memorial Hospital and Warminster Hospital from Dallas-based Tenet Healthcare Corp., has completed the transaction. The price was $25.5 million, with $15.5 million paid in cash, and the remaining $10 million in a note due in December 2009. In 2002, Tenet acquired Roxborough alone for $24 million.

Jack Donnelly, the current CEO of Roxborough, and Robert Souaid, who has owned healthcare properties in the Southeast, head Solis, as GlobeSt.com previously reported. Solis will manage both hospitals and continue to employ substantially all existing staff.

Roxborough is a 137-bed acute care hospital at 5800 Ridge Ave. here, and Warminster is a 153-bed acute care hospital at 225 Newtown Rd. in Warminster. These are the last of three area hospitals Tenet put on the sales block in June 2006 along with eight others in different parts of the country.

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