Briefly: Hospital Deals.(The Week in Healthcare)(Vanguard Health Systems purchase of Baptist Health System approved, Essent Healthcare to buy Deaconess-Nashoba Hospital)(Brief Article)

Modern Healthcare, November, 2002

Baptists OK sale of system

Messengers, or delegates, to the annual meeting of the Baptist General Convention of Texas voted last week to approve the sale of five-hospital Baptist Health System, San Antonio, to investor-owned Vanguard Health Systems, Nashville, in a deal worth $295 million. Vanguard will pay $247 million in cash and $48 million in convertible debt and stock securities under the definitive agreement reached in October. Vanguard said it expects to close the deal by year-end. Also last week, Vanguard said it earned $2.4 million for its fiscal 2003 first quarter ended Sept. 30, compared with a loss of $4.2 million for the year-ago quarter. The fiscal 2002 quarter included a $6.7 million charge for early debt retirement. Revenue was up 29.2% to...

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