Baptist Health System, Tenet Healthcare To Create Joint Venture - Quick Facts

(RTTNews) - Baptist Health System and Tenet Healthcare Corp. (THC) have signed a definitive agreement to create a joint venture that will operate a healthcare network serving Birmingham and central Alabama. The transaction is expected to be finalized in the third quarter of 2015.

The new network will include all Baptist Health System hospitals, Tenet's Brookwood Medical Center and each organization's related businesses. Under the joint venture arrangement, Tenet will be the majority partner and will manage the network's operations.

The new company will unite Baptist Health System's four hospitals - Citizens Baptist Medical Center, Princeton Baptist Medical Center, Shelby Baptist Medical Center and Walker Baptist Medical Center - with Brookwood Medical Center.

Parrott will become CEO of the joint venture, which will be overseen by a board composed of five representatives from Baptist and five representatives from Tenet.