Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Tenet and USPI Close Transaction to Acquire SurgCenter Development.

Document Cited in Related
Vincent

MANews-(C)2009-2021

US-based healthcare services company Tenet Healthcare Corp. (NYSE: THC) and its subsidiary United Surgical Partners International have closed a transaction to acquire SurgCenter Development, the company said.

In connection with the closing of the transaction, Tenet/USPI acquired SCD's ownership interests in 86 ambulatory surgery centers and other related ambulatory support services for approximately USD 1.1bn.

Additionally, USPI is offering to acquire a portion of equity interests in the ASCs from physician owners for incremental consideration of approximately USD 250m.

As previously reported, this is an ongoing process that is expected to continue over the coming months.

Assuming successful completion of the acquisition of physician interests, Tenet will consolidate in its financial statements the results of the centers in which USPI holds a majority ownership position.

The company still anticipates a phased consolidation of various centers with an estimated fully ramped Adjusted EBITDA of approximately USD 275m by years three to four, consistent with Tenet's previous disclosures on the transaction.

Also as previously announced, USPI and SCD's principals have entered into a partnership and development agreement under which USPI...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT