Tenet Completes Sale of Philadelphia-Area Hospitals and Related Operations
January 11 2018 - 4:15PM
Business Wire
Tenet Healthcare Corporation (NYSE:THC) announced today that it
has completed the sale of its Philadelphia-area acute care
hospitals and related operations to American Academic Health
System, LLC (AAHS), an affiliate of Paladin Healthcare. Ownership
and management of the hospitals and related operations will
transfer to AAHS on Thursday, January 11, 2018 at 11:59 pm ET.
Tenet and Paladin Healthcare previously announced the
transaction on September 1, 2017. The facilities included in the
sale are Hahnemann University Hospital, St. Christopher’s Hospital
for Children and other hospital-affiliated entities, including
physician practices. Tenet received net pre-tax proceeds from the
transaction of approximately $152.5 million in cash and a secured
promissory note for $17.5 million.
About Tenet Healthcare
Tenet Healthcare Corporation is a diversified healthcare
services company with 125,000 employees united around a common
mission: to help people live happier, healthier lives. Through its
subsidiaries, partnerships and joint ventures, including United
Surgical Partners International, the Company operates general acute
care and specialty hospitals, ambulatory surgery centers, urgent
care centers and other outpatient facilities in the United States
and the United Kingdom. Tenet’s Conifer Health Solutions subsidiary
provides technology-enabled performance improvement and health
management solutions to hospitals, health systems, integrated
delivery networks, physician groups, self-insured organizations and
health plans. For more information, please visit
www.tenethealth.com.
The terms "THC", "Tenet Healthcare Corporation", "the company",
"we", "us" or "our" refer to Tenet Healthcare Corporation or one or
more of its subsidiaries or affiliates as applicable.
Tenet uses its Company website to provide
important information to investors about the Company including the
posting of important announcements regarding financial performance
and corporate development.
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version on businesswire.com: http://www.businesswire.com/news/home/20180111006129/en/
Tenet Healthcare CorporationInvestor Contact:Brendan
Strong, 469-893-6992investorrelations@tenethealth.comorMedia
Contact:Daniel Waldmann,
469-893-2640mediarelations@tenethealth.com
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