M&A Roundup: Prime, Tenet, BIDMC Announce Deals
Tenet's San Ramon RMC in Joint Venture with John Muir Health
Dallas-based Tenet Healthcare Corporation and Walnut Creek, CA-based John Muir Health have announced the creation of a joint venture partnership between San Ramon Regional Medical Center, a 123-bed acute care hospital in San Ramon, CA and John Muir Health. John Muir Health is an integrated system of doctors, hospitals and other healthcare services in the San Francisco Bay area.
Under the deal, John Muir Health will spend $100 million to acquire a 49% ownership interest in San Ramon RMC. The two organizations will expand and improve the efficiency and coordination of care in the TriValley area and nearby communities, including San Ramon.
The transaction is expected to close by March 31. John Muir Health and Tenet will also jointly develop outpatient services, such as Ambulatory Care Centers and other projects to be determined, in the Tri-Valley area and nearby communities, including San Ramon. John Muir Health's existing hospitals, facilities and other assets are not included in the partnership agreement.
"In the midst of healthcare reform and a very competitive local environment, we will offer better, more accessible and integrated care together than we can apart. Together, we will pursue new and innovative ways to improve patient care, access to services and affordability," Cal Knight, president/CEO of John Muir Health, said in prepared remarks.
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