Tenet Healthcare To Sell 4 Hospitals To UCI Health For Around $975 Mln

(RTTNews) - Tenet Healthcare Corp. (THC) Thursday said it entered into a agreement to sell four of its hospitals and related operations in Orange County and Los Angeles County to UCI Health for around $975 million.

The properties include Fountain Valley Regional Hospital, Lakewood Regional Medical Center, Los Alamitos Medical, Placentia-Linda Hospital, and other related operations.

For the year ending December 31, 2023, these four hospitals had generated revenues of around $1 billion, pre-tax income of approximately $29 million and Adjusted EBITDA of approximately $71 million.

The company is anticipating a pre-tax book gain of approximately $500 million from this deal.

The transaction is expected to close in the spring of 2024.

Additionally, the company said that it has completed the sale of its three hospitals and their related operations to Novant Health for around $2.4 billion in cash.

The completed South Carolina transaction includes Coastal Carolina Hospital, Hilton Head Hospital, East Cooper Medical Center, affiliated physician practices, and other related hospital operations.

On Wednesday, Tenet Healthcare shares closed at $82.74 on the New York Stock Exchange.