Dallas-based Tenet Healthcare has announced the formation of a joint venture partnership between its San Ramon (Calif.) Regional Medical Center and John Muir Health in Walnut Creek, Calif.
Under the terms of the deal, John Muir Health will invest approximately $100 million in San Ramon Regional, acquiring a 49 percent interest. John Muir Health and Tenet will work together to develop outpatient services, such as ambulatory care centers and other projects, and expand and improve the efficiency and coordination of healthcare services in the Tri-Valley area, according to the release. New hospital and ambulatory care governing boards will be selected by both organizations.
John Muir Health's existing hospitals and facilities — John Muir Medical Center, Walnut Creek and John Muir Medical Center, Concord (Calif.) as well as its non-profit medical foundation — are not included in the partnership agreement.
According to the release, this transaction is expected to close on or before March 31 and is subject to customary approvals and other closing conditions.
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Under the terms of the deal, John Muir Health will invest approximately $100 million in San Ramon Regional, acquiring a 49 percent interest. John Muir Health and Tenet will work together to develop outpatient services, such as ambulatory care centers and other projects, and expand and improve the efficiency and coordination of healthcare services in the Tri-Valley area, according to the release. New hospital and ambulatory care governing boards will be selected by both organizations.
John Muir Health's existing hospitals and facilities — John Muir Medical Center, Walnut Creek and John Muir Medical Center, Concord (Calif.) as well as its non-profit medical foundation — are not included in the partnership agreement.
According to the release, this transaction is expected to close on or before March 31 and is subject to customary approvals and other closing conditions.
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