Buyer: American Academic Health System
Tenet to sell its Philadelphia hospitals to Paladin Healthcare
Tenet Healthcare Corporation and Paladin Healthcare entered into a definitive agreement for the sale of Tenet’s Hahnemann University Hospital, St. Christopher’s Hospital for Children, and other related operations in Philadelphia, including Tenet-owned physician practices, to American Academic Health System LLC (AAHS), a newly formed affiliate of Paladin Healthcare. The transaction is expected to be completed early next year, subject to regulatory approvals and other closing conditions. Tenet expects to receive proceeds of approximately $170 million from the transaction, composed of $152.5 million in cash at closing and a promissory note in the amount of $17.5 million.