Adventist Health System/West completed the acquisition of Sierra Vista Hospital, Inc and Twin Cities Community Hospital, Inc. from Tenet Healthcare Corporation.
March 28, 2024
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Adventist Health System/West agreed to acquire Sierra Vista Hospital, Inc and Twin Cities Community Hospital, Inc. from Tenet Healthcare Corporation (NYSE:THC) for $550 million on February 29, 2024. The consideration consists of $550 million in cash. As part of the consideration, $550 million was paid towards assets. The subject to customary regulatory approvals, clearances, and closing conditions and for the year ended December 31, 2023, the two hospitals and related operations included in the sale generated revenues of approximately $337 million and Adjusted EBITDA of approximately $38 million. RBC Capital Markets, LLC acted as financial advisor to Adventist Health System/West and Latham & Watkins LLP acted as legal advisor to Adventist Health System/West. The transaction is expected to be completed in the spring of 2024. Mark Ray, Dawnmarie Matlock, Tyler Pate, Scott Harty of Alston & Bird LLP acted as legal advisor to Tenet Healthcare Corporation.
Adventist Health System/West completed the acquisition of Sierra Vista Hospital, Inc and Twin Cities Community Hospital, Inc. from Tenet Healthcare Corporation (NYSE:THC) on March 29, 2024.
Tenet Healthcare Corporation is a diversified healthcare services company. The Companyâs care delivery network includes USPI Holding Company, Inc. (USPI), which operates or has ownership interests in ambulatory surgery centers and surgical hospitals. The Company also operates acute care and specialty hospitals, as well as other outpatient facilities, including surgical hospitals, and ambulatory surgery centers (ASC), among others. The Company operates through two segments: Hospital Operations and Services, and Ambulatory Care. The Hospital Operations and Services segment, which is comprised of acute care and specialty hospitals, a network of employed physicians and ancillary outpatient facilities, as well as the revenue cycle management and value-based care services that the Company provide to hospitals, health systems, physician practices, employers, and other clients. The Ambulatory Care segment, which is comprised of USPIâs ASCs and surgical hospitals.
Adventist Health System/West completed the acquisition of Sierra Vista Hospital, Inc and Twin Cities Community Hospital, Inc. from Tenet Healthcare Corporation.