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Monday, March 23, 2015

Tenet forms JV to create largest US ambulatory surgery provider, (NYQ: THC)

Tenet Healthcare Corp and United Surgical Partners International (USPI) will combine their ambulatory and short-stay surgery centers in a deal that will give Tenet the option to purchase USPI over the next five years.Tenet will pay $425 million to private equity firm Welsh, Carson, Anderson & Stowe and other USPI shareholders and assume $1.5 billion of USPI's debt for a 50.1 percent stake in the venture.Tenet said the deal would create the largest provider of ambulatory surgery in the United States with 244 ambulatory surgery centers, 16 short-stay surgical hospitals and 20 imaging centers in 29 states.Tenet also said it would buy UK-based Aspen Healthcare from Welsh Carson for about $215 million in cash.

Tenet Healthcare Corporation along with its subsidiaries is an investor-owned health care services company. Shares of THC remained unchanged at $49.62. In the past year, the shares have traded as low as $37.95 and as high as $63.61. On average, 1797940 shares of THC exchange hands on a given day and today's volume is recorded at 0.