TENET HEALTHCARE CORPORATION (NYSE:THC) Files An 8-K Completion of Acquisition or Disposition of Assets

TENET HEALTHCARE CORPORATION (NYSE:THC) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01.

Completion of Acquisition or Disposition of Assets.

On January 11, 2018, Tenet Healthcare Corporation (the “Company”) completed its previously announced sale of its two Philadelphia-area acute care hospitals, Hahnemann University Hospital and St. Christopher's Hospital for Children, and other related operations in Philadelphia, including physician practices (the "Divested Assets"). Affiliates of Paladin Healthcare Capital, LLC purchased the Divested Assets for a base purchase price of $170million, which is subject to customary purchase price adjustments and includes a $17.5million secured promissory note (the “Transaction”).

Additional information regarding the Transaction is provided in the Current Report on Form 8-K filed by the Company on September1,2017.

Unaudited pro forma financial information relating to the Transaction is furnished in Item 2.01 of this Current Report on Form 8-K.

Item 2.01.

Regulation FD Disclosure.

On January 11, 2018, the Company issued a press release announcing the completion of the Transaction.The press release is furnished as Exhibit 99.1 hereto.

Item 2.01.

Financial Statements and Exhibits.

(b)Pro Forma Financial Information

The Company’s Unaudited Pro Forma Condensed Consolidated Balance Sheet as of September 30, 2017 and Unaudited Pro Forma Condensed Consolidated Statement of Operations for the year ended December 31, 2016 and the nine months ended September30,2017 (collectively, the “Unaudited Pro Forma Financial Statements”) are furnished as Exhibit 99.2 hereto and are based on the Company’s historical consolidated results of operations and financial position, adjusted to give effect to the Transaction. The Unaudited Pro Forma Condensed Consolidated Balance Sheet as of September30,2017 has been prepared to present the Company’s financial condition as if the Transaction had occurred on September30,2017. The Unaudited Pro Forma Condensed Consolidated Statements of Operations for the year ended December31,2016 and the nine months ended September 30,2017 have been prepared to present the Company’s results of operations as if the Transaction had occurred on January1,2016.

The Unaudited Pro Forma Financial Statements and the accompanying notes should be read together with the Company’s audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2016, and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and Quarterly Report on Form 10-Q for the nine months ended September30,2017.

(d)Exhibits


TENET HEALTHCARE CORP Exhibit
EX-99.1 2 thc-20170930ex991phil8k.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 Tenet Completes Sale of Philadelphia-Area Hospitals and Related Operations DALLAS – January 11,…
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About TENET HEALTHCARE CORPORATION (NYSE:THC)

Tenet Healthcare Corporation (Tenet) is a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets in the United States. The Company operates through three segments: Hospital Operations and other, Ambulatory Care and Conifer. With its networks, including acute care and specialty hospitals, which are engaged in providing outpatient facilities and related businesses, the Company provides a range of healthcare services in the communities it serve. It operates approximately 90 hospitals, 20 short-stay surgical hospitals, 475 outpatient centers, nine facilities in the United Kingdom and six health plans through its subsidiaries, partnerships and joint ventures. In addition, its Conifer Holdings, Inc. (Conifer) subsidiary provide healthcare business process services in the areas of revenue cycle management and technology-enabled performance improvement and health management solutions to health systems.

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