Tenet Acquiring Vanguard Health in Deal for $1.8 Billion

Vanguard Health Systems, a hospital operator, will be acquired by Tenet Healthcare Corp, for an estimated $1.8 billion so Tenet can expand into more hospitals in Texas.

The deal will have Tenet paying $21 per share, said the companies in a joint statement. The $21 price is 70% above the closing price as of June 21 of $12.37 on NYSE for Vanguard, based in Nashville, Tennessee. Tenet will also assume debt for Vanguard of over $2.5 billion.

The acquisition by Tenet, based in Dallas, Texas, will give it 28 hospitals in different regions of the country including Boston, Chicago, Detroit, Phoenix and in the metropolitan area of San Antonio.

The two companies combined into one will operate 157 outpatient facilities and 79 hospitals and through consolidation will save up to $200 million annually. Both companies said the deal will add to Tenet’s earnings in the first year of the acquisition.

The acquisition will be financed by Bank of America and would most likely close before the end of 2013, said both companies.

Vanguard Health has increased by 1% during 2013, compared to an increase of the Russell 2000 Health Index of 19%.

Both companies announced that more details over the terms and conditions of the sale would be forthcoming.



Latest News

Cobinhood Market Cap Achieves $3.51 Million
Cobinhood Market Cap Achieves $3.51 Million
NaPoleonX Price Reaches $0.33 on Top Exchanges
NaPoleonX Price Reaches $0.33 on Top Exchanges
Adzcoin Market Capitalization Achieves $118,240.00
Adzcoin Market Capitalization Achieves $118,240.00
InsaneCoin Trading Up 17.1% Over Last Week
InsaneCoin Trading Up 17.1% Over Last Week
MediBloc [QRC20]  Price Reaches $0.0028 on Top Exchanges
MediBloc [QRC20] Price Reaches $0.0028 on Top Exchanges
Magi  Price Up 48% Over Last Week
Magi Price Up 48% Over Last Week


© 2006-2019 Ticker Report