John Muir Health has entered into a definitive agreement with Tenet Healthcare to acquire sole ownership of San Ramon (Calif.) Regional Medical Center.
Walnut Creek, Calif.-based John Muir Health has held a 49 percent stake in the 123-bed hospital since 2013. Under the new agreement, it will acquire the remaining 51 percent interest from Dallas-based Tenet for approximately $142.5 million, according to a John Muir Health news release shared with Becker's.
The addition of San Ramon Regional Medical Center would make nonprofit John Muir Health a four-hospital system. It currently operates 554-bed John Muir Health Walnut Creek Medical Center, 244-bed John Muir Health Concord (Calif.) Medical Center and a 73-bed psychiatric hospital in Concord.
Mike Thomas, president and CEO of John Muir Health, said the addition of San Ramon Regional Medical Center would help the system allocate fixed costs over a broader scope of operations.
"We're excited about this potential acquisition," Mr. Thomas said in the release. "At the same time, we will continue to make investments in current John Muir Health people, programs and services. We view this as a long-term opportunity to expand our services and better serve the growing populations in the San Ramon Valley and Tri-Valley."
The transaction is subject to FTC review and various closing conditions.