A potential major shake up in the local health care industry today, as Vanguard Health Systems, Inc, the company that owns the local Baptist Hospitals, is being purchased by a Dallas based firm, Tenet Health Care.
1200 WOAI news reports the total deal is worth $1.8 billion, and is being financed by Bank of America Merrill Lynch. The deal involves paying a 70% premium for Vanguard's stock, as well as assuming Vanguard's $2.5 billion debt.
Tenet, in a statement, says it is buying the Tennessee based company 'in hopes of expanding its service offerings and broadening its geographic reach.'
The entire deal is valued at $4.3 billion.
Vanguard is a major partner in a second San Antonio Children's Hospital it plans to construct in the Medical Center along with the U.S. Health Science Center. It is unknown how this may affect that project.
CHRISTUS Santa Rosa has already opened the Children's Hospital of San Antonio, a free standing, Tier One children’s hospital in the former Santa Rosa campus downtown.