In its third quarter report, Dallas-based Tenet Healthcare revealed details of its sale of St. Louis University Hospital to SSM Health, according to the St. Louis Business Journal.
St. Louis University sold its hospital to Tenet in 1998, but said in June it would buy it back and contribute it to St. Louis-based SSM Health. In a regulatory filing Nov. 2, Tenet said the deal had a transaction price of approximately $32 million, excluding working capital and subject to customary purchase price adjustments.
Tenet recorded net receivables of approximately $51 million since it didn't sell SLU Hospital's accounts receivables related to the pre-closing period, according to hospital officials.
On Nov. 2, Tenet also reported a loss of $29 million in the third quarter. On Nov. 3, Tenet and Brentwood, Tenn.-based Duke LifePoint Healthcare reached a definitive agreement for the sale of Tenet's North Carolina hospitals.