Tenet Healthcare Corp. announced Wednesday that it has sold off its three acute care hospitals in Chicago in a transaction that closes the loop on the Dallas-based hospital chain’s entry into the market a half-decade ago.
The facilities exiting Tenet’s portfolio are Louis A. Weiss Memorial Hospital, Westlake Hospital, and West Suburban Medical Center, plus their local affiliates. It’s expected to close during the fourth quarter.
Tenet found buyers in hospital operator Pipeline Health and investment firm TWG Partners. Financial terms were not released.
The move follows Tenet’s strategy to commit to its top markets, as Modern Healthcare points out. It acquired the Chicago hospitals with its $4.3 billion acquisition of Vanguard Health System in October 2013. MH heard from Tenet CEO Ron Rittenmeyer:
In a statement, Tenet CEO Ron Rittenmeyer said Pipeline and TWG share his company’s commitment to delivering high-quality patient care, providing excellent service to physicians and supporting caregivers and colleagues in doing what’s best for the surrounding community.
“We are pleased to have reached this agreement, and we are confident our hospitals have a bright future ahead,” he said.