Tenet Healthcare's Dallas headquarters(Google image)
The sale of Tenet Healthcare Corporation's five Atlanta-area hospitals and related operations to WellStar Health System in exchange for $575 million in cash is complete, the company announced Friday. The sale is effective as of March 31, 2016.
The transaction includes certain arrangements whereby Tenet will retain certain net working capital accounts while WellStar will assume certain designated capital leases connected to operations for some acquired facilities.
Tenet and WellStar previously announced the planned transaction on December 1, 2015, which includes Atlanta Medical Center and its South Campus, North Fulton Hospital, Spalding Regional Hospital, Sylvan Grove Hospital and 26 physician clinics.
Tenet had been seeking a buyer for its Georgia hospitals for some time, with Piedmont Healthcare and Northside Hospital also reportedly showing interest.
In July, Tenet and WellStar entered into talks for WellStar to buy five of its Georgia hospitals.
Tenet Healthcare Corporation employs 130,000 people. Through its subsidiaries, partnerships and joint ventures, operates 79 general acute care hospitals, 20 short-stay surgical hospitals and more than 470 outpatient centers in the United States, as well as nine facilities in the United Kingdom.