Tenet Abandons Plans To Acquire Connecticut Hospitals

Tenet Healthcare has officially pulled the plug (for now) on its acquisition of four Connecticut hospitals. Tenet notified government officials that it would not continue its pursuit of buying Waterbury Hospital, St. Mary’s Hospital, Bristol Hospital, and Eastern Connecticut Health Network to convert them from non-profit hospitals to for-profit ones. Tenet cites the extensive list of proposed conditions as reasons for pulling out of the four transactions. Tenet’s decision has widespread impact on Connecticut’s healthcare industry and also creates a political problem for Governor Dannel P. Malloy and his state legislature. Connecticut hospitals were depending on Tenet for capital to remain economically viable long-term and now may need to find other partners or ask the state legislature for funding increases.

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