Orange, Calif.-based UCI Health has reached a definitive agreement to acquire Tenet Healthcare's Pacific Coast Network, which includes four hospitals in Southern California and their associated outpatient locations.
The deal is slated to close in the spring and would bring four of Dallas-based Tenet's medical centers under the UCI Health umbrella: Fountain Valley Regional Hospital; Lakewood Regional Medical Center; Los Alamitos Medical Center; and Placentia-Linda Hospital. The medical centers also include a network of surgery centers and other outpatient locations.
Tenet has agreed to sell the hospitals for $975 million.
"These four hospitals are well-regarded in their communities for providing high-quality, compassionate care," said Saum Sutaria, MD, Tenet's chairman and CEO. "The local communities will benefit from the nationally recognized advancements, medical knowledge, research, and community focus that UCI Health brings as an innovative academic health system."
UCI Health is the clinical enterprise of the University of California Irvine. The system includes a network of primary and specialty care offices throughout Orange County and its flagship campus, UCI Medical Center, a 459-bed acute care hospital.
"Our vision at UCI Health is to bring the highest level of advanced care powered by research and innovation to local communities," Chad Lefteris, CEO of UCI Health, said in a statement to Becker's. "The proposed agreement with Tenet Healthcare will expand access and improve the health of our communities in Southern California."
Late last year, another academic health sytem in California, UC San Diego Health, finalized a $200 million deal to acquire Alvarado Hospital Medical Center from Ontario, Calif.-based Prime Health.