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: Legal Pad | LA

After nearly three years of fighting, USC and Tenet reach deal

By Richard Binder

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Tenet Healthcare Corp. said Tuesday two of its subsidiaries will sell USC University Hospital and USC Kenneth Norris Jr. Cancer Hospital to the University of Southern California. The university has agreed to pay Tenet Healthcare Corp. $275 million to acquire USC University Hospital and USC Kenneth Norris Jr. Cancer Hospital. From the sale, $30 million will be deferred in an escrow account for up to four years. Tenet will also retain the hospitals' $35 million in working capital.

The deal puts an end to a bitter dispute between Tenet, one of the nation's largest hospital chains, and USC over control of the hospitals. The university filed a lawsuit against Tenet in August 2006 seeking to end the relationship with Tenet. Tenet counter-sued, seeking damages.

See here and here for details.

Full post as published by Legal Pad | LA on February 11, 2009 (boomark / email).

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