Tenet Announces Definitive Agreement with Pipeline Health & TWG Partners Regarding the Sale of Tenet’s Three Chicago-Area H...
July 18 2018 - 8:00AM
Business Wire
Tenet Healthcare Corporation (NYSE: THC), Pipeline Health LLC, a
national operator of hospitals and other healthcare facilities, and
TWG Partners, LLC, a Chicago-based healthcare investment firm
founded by Eric E. Whitaker, MD, MPH, have entered into a
definitive agreement regarding the sale of Tenet’s remaining acute
care hospitals in the Chicago area.
The facilities included in the sale are Louis A. Weiss Memorial
Hospital, Westlake Hospital and West Suburban Medical Center, as
well as other local operations affiliated with the hospitals. The
transaction is expected to be completed in the fourth quarter of
2018, subject to regulatory approvals and customary closing
conditions. Pipeline Health will manage the hospitals upon
completion.
About Tenet Healthcare
Tenet Healthcare Corporation is a diversified healthcare
services company with 115,000 employees united around a common
mission: to help people live happier, healthier lives. Through its
subsidiaries, partnerships and joint ventures, including United
Surgical Partners International, the Company operates general acute
care and specialty hospitals, ambulatory surgery centers, urgent
care centers and other outpatient facilities in the United States
and the United Kingdom. Tenet’s Conifer Health Solutions subsidiary
provides technology-enabled performance improvement and health
management solutions to hospitals, health systems, integrated
delivery networks, physician groups, self-insured organizations and
health plans. For more information, please
visit www.tenethealth.com.
About Pipeline Health
Pipeline Health, LLC is an innovative hospital management
company with a proven track record of providing high quality
healthcare at health systems nationwide. With a unique base of
experience spanning the entire clinical eco-system, Pipeline’s
unique perspective allows it to craft strategies specific to the
local dynamics of the communities it serves. Pipeline’s goal is to
maximize access to the highest quality care and deliver it cost
effectively with a focus on customer service and clinical
excellence.
About TWG Partners
TWG Partners, LLC was formed by Eric E. Whitaker, MD, MPH in
November 2011 for the purpose of advancing the ownership and
development of health-related technology and services companies for
the Medicaid, Medicare and Dual-Eligible populations. Over the past
five years, TWG helped co-found two health insurance companies
(Symphonix Health and Next Level Health Partners, LLC), in addition
to investing in other existing healthcare companies. TWG is an
African American-owned, qualified minority business enterprise
(“MBE”). Mr. Whitaker previously served as Executive Vice President
and Associate Dean of the University of Chicago Medical Center and
also as Director of the Illinois Department of Public Health.
The terms “THC”, “Tenet Healthcare Corporation”, “the company”,
“we”, “us” or “our” refer to Tenet Healthcare Corporation or one or
more of its subsidiaries or affiliates as applicable.
This release contains “forward-looking statements” - that is,
statements that relate to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance and financial condition,
and often contain words such as “expect,” “assume,” “anticipate,”
“estimate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.”
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. Particular uncertainties that
could cause our actual results to be materially different than
those expressed in our forward-looking statements include, but are
not limited to, the factors disclosed under “Forward-Looking
Statements” and “Risk Factors” in our Form 10-K for the year ended
December 31, 2017, and subsequent Form 10-Q filings and other
filings with the Securities and Exchange Commission.
Tenet uses its company website to provide
important information to investors about the company including the
posting of important announcements regarding financial performance
and corporate developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20180718005246/en/
Tenet Healthcare CorporationInvestor Contact:Brendan
Strong, 469-893-6992investorrelations@tenethealth.comorMedia
Contact:Lesley Bogdanow,
469-893-2640mediarelations@tenethealth.com
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