Tenet Healthcare Corp on Monday said it would become the largest U.S. provider of outpatient surgery services through a joint venture with United Surgical Partners International and expects to fully own the company within five years.More medical procedures are being performed on an outpatient basis as technology improves, thus lowering costs by allowing patients to go home sooner.Tenet's shares rose 5.4 percent to $52.32 in midday trading, as investors applauded the move into an area of healthcare that is seeing faster growth and higher margins.Tenet, the third-largest U.S. hospital operator, said it 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 Healthcare Corporation along with its subsidiaries is an investor-owned health care services company. Shares of THC traded higher by 5.14% or $2.55/share to $52.17. 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 3202697.