Novant will purchase Tenet's hospitals and clinics in South Carolina
US-based firm Tenet Healthcare has accomplished the sale of three of its hospitals, related doctor clinics and operations in South Carolina to Novant Well being.
The transaction is valued at roughly $2.4 billion in money, with after-tax proceeds of $1.75 billion.
As a part of the deal, Novant Well being acquired East Cooper Medical Middle in Mount Nice, Hilton Head Hospital and Coastal Carolina Hospital in Hardeeville, together with a number of doctor clinics and outpatient clinics.
In Charleston County, the acquisition will broaden Novant Well being's presence with the addition of 15 doctor clinics, whereas in Beaufort County the well being system now contains 12 doctor clinics and the Bluffton Okatie Outpatient Middle.
As well as, Novant Well being will add the Tidewatch Free-Standing Emergency Division in Jasper County to its portfolio.
Tenet additionally introduced the signing of a definitive settlement with UCI Well being for the sale of 4 hospitals in Orange County and Los Angeles County, California.
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UCI Well being is the scientific enterprise of the College of California, Irvine.
This all-cash transaction, accepted by the College of California Board of Regents, is valued at roughly $975 million, with after-tax proceeds of practically $800 million.
Completion of this sale is at the moment pending customary regulatory approvals, approvals and sure closing situations. That is anticipated to be accomplished within the spring of 2024.
As a part of the cope with UCI Well being in California, Tenet will promote Fountain Valley Regional Hospital, Lakewood Regional Medical Middle, Los Alamitos Medical and Placentia-Linda Hospital.
Tenet will retain internet working capital from the pre-closing enterprise and its subsidiary, Conifer Well being Options, will proceed to offer income cycle administration providers through the transition.
The acquisition by UCI Well being means a rise in affected person entry to a variety of superior therapies and scientific trials within the area.
Sufferers of UCI Well being and Tenet's Pacific Coast Community will keep continuity of care with their present healthcare groups.
Saum Sutaria, president and CEO of Tenet Healthcare, stated, “Our 4 hospitals have been offering high-quality care to residents of Orange County and Los Angeles County for greater than 50 years.
“Integrating these hospitals into their system will meaningfully enhance entry to the advantages of college medication.”
