John Muir Health entered into a definitive agreement to acquire 51% stake in San Ramon Regional Medical Center, Inc. from Tenet Healthcare Corporation (NYSE:THC) for approximately $140 million on January 10, 2023. The transaction is subject to various closing conditions, including review by the Federal Trade Commission. Until these conditions are met and the transaction is closed, SRRMC will continue to operate under the current joint venture structure between JMH and Tenet.

As of November 17, 2023, the Federal Trade Commission today sued to block John Muir Health?s proposed $142.5 million deal to acquire sole ownership of San Ramon Regional Medical Center, LLC from current majority owner Tenet Healthcare Corporation, saying the deal will drive up health care costs. The Commission issued an administrative complaint and authorized a lawsuit in federal court alleging the proposed acquisition will eliminate head-to-head competition between John Muir Health (John Muir) and nearby San Ramon Regional Medical Center (San Ramon Medical). The FTC and the California Attorney General?s office closely cooperated throughout the investigation and will jointly file a complaint in federal district court.

The transaction is expected to close in 2023. As of October 30, 2023, the transaction is expected to close by early 2024. San Francisco law firm Jones Day acted as legal advisor to John Muir Health .

Kirkland & Ellis LLP of Washington, D.C. acted as legal advisor to Tenet.