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Friday, 04 April 2014 07:08

Emanuel Medical Center Still Working to Complete Sale to Tenet

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| | TurlockCityNews.com|
The final deadline has been extended in the process intended to sell Turlock’s Emanuel Medical Center to Tenet Healthcare Corp., of Dallas, as both parties remain hard at work hammering out details.

Tenet initially expected the sale to be concluded by March 31. But Tenet and Emanuel Medical Center mutually agreed to extend the timeline due to the complexity of the sale, Emanuel spokesperson Pennie Rorex said Thursday.

“The leadership teams at Tenet and Emanuel Medical Center remain committed to concluding the transaction and are continuing to work through the process,” Rorex said. “Completion of the transaction is subject to the parties' satisfaction of the remaining closing conditions and regulatory approvals.”
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Tenet agreed in February, 2013, to purchase Emanuel’s 209-bed hospital for $131 million. The State Attorney General approved the sale in January.

The sale will transfer all Emanuel Medical Center assets to Tenet, save for cash, some religious artifacts, and four non-hospital operations: Brandel, Cypress, Hospice of Emanuel, and Jessica's House.

Tenet will be required to maintain most of Emanuel Medical Center's critical services at their current levels for five years. Tenet must also invest $30 million into Emanuel Medical Center and provide at least $3.2 million in annual charity care and nearly $400,000 in community benefit services.

Currently Emanuel Medical Center does not have an estimated date to conclude the transaction, Rorex said.
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