Tenet Announces Definitive Agreement with Pipeline Health and TWG Partners Regarding the Sale of Tenet’s Three Chicago-Area Hospitals

Wednesday, July 18, 2018 8:00 am CDT

Dateline:

DALLAS

Public Company Information:

NYSE:
THC

DALLAS--(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.

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Contact:

Tenet Healthcare Corporation
Investor Contact:
Brendan Strong, 469-893-6992
investorrelations@tenethealth.com
or
Media Contact:
Lesley Bogdanow, 469-893-2640
mediarelations@tenethealth.com