Tenet Healthcare (NYSE: THC) entered into an agreement with Novant Health for the sale of three Tenet hospitals and related operations in South Carolina for $2.4 billion in cash (after-tax proceeds of approximately $1.75 billion).
The transaction includes Coastal Carolina Hospital in Jasper County, Hilton Head Hospital in Beaufort County, East Cooper Medical Center in Charleston County, affiliated physician practices and other related hospital operations. Tenet’s ambulatory facilities operated by United Surgical Partners International (USPI) in these markets will remain with Tenet.
Under the purchase agreement, Tenet’s Conifer Health Solutions subsidiary will enter into a new and expanded 15-year contract to provide revenue cycle management services for the South Carolina hospitals and related operations.
Furthermore, Novant Health and USPI will be enhancing their ambulatory surgery partnership to increase access to high-quality, ambulatory surgical services for communities across the Carolinas. Read more.