Columbia/HCA and Tenet Sign Letter of Intent For Sale of Interest in MetroWest Medical Center.SANTA BARBARA Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , Calif.--(BUSINESS WIRE)--June 22, 1998--Tenet Healthcare Corp. (NYSE NYSE See: New York Stock Exchange :THC THC tetrahydrocannabinol. THC n. Tetrahydrocannabinol; a compound that is obtained from cannabis or is made synthetically; it is the primary intoxicant in marijuana and hashish. ) and Columbia/HCA Healthcare Corp. (NYSE:COL) Monday announced that they have signed a letter of intent for Tenet to acquire Columbia/HCA's 80 percent interest in MetroWest Medical Center MetroWest Medical Center is a teaching hospital in Framingham and Natick, Massachusetts. It is the largest health care provider in the MetroWest region between Boston and Worcester. , a two-hospital system in Framingham and Natick, Mass. Terms were not disclosed. The transaction is subject to successful completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by Tenet and negotiation of a definitive agreement. It is also subject to review by the Massachusetts Attorney General's office, the state Department of Public Health and other regulatory reviews and approvals. Tenet has also signed a letter of intent with the board of MW Health Partner Inc., the nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. charitable owner of the other 20 percent of MetroWest Medical Center, which supports Tenet's assumption of the majority interest from Columbia/HCA. That letter of intent spelled out a number of specific commitments by Tenet to maintain and enhance services at MetroWest's two hospitals. MetroWest Medical Center consists principally of the 281-bed Framingham Union Hospital in Framingham and the 194-bed Leonard Morse Hospital in Natick. In 1997, it had net patient revenues of $169 million. The center has more than 2,500 full-time employees and about 400 affiliated physicians. Based in Santa Barbara, Tenet Healthcare Tenet Healthcare Corporation (THC) is an operating company that owns and operates 57 hospitals in the United States [1]. It is based in Dallas, Texas. Its stock ticker symbol on the New York Stock Exchange is NYSE: THC. , through its subsidiaries, owns and operates 123 acute-care hospitals and numerous related health-care services from coast to coast. The company employs 112,500 people serving communities in 18 states. Tenet's name reflects its core business philosophy: the importance of shared values between partners -- including employees, physicians, insurers and communities -- providing a full spectrum of quality health care. Tenet can be found on the World Wide Web at www.tenethealth.com.
CONTACT: Tenet Healthcare Corp., Santa Barbara
Harry Anderson, 805/563-6816 (media)
Paul Russell, 805/563-7188 (investors)
or
Columbia/HCA
Jeff Prescott, 615/344-5708 (media)
Mark Kimbrough, 615/344-2688 (investors)
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