DALLAS & ST. LOUIS--(BUSINESS WIRE)--Tenet Healthcare Corporation (NYSE:THC) and Saint Louis University (SLU)
have entered into a definitive agreement for the sale of Saint Louis
University Hospital to SLU. The transaction is subject to customary
regulatory approvals and other closing conditions and is expected to be
completed during the third quarter of 2015.
Tenet purchased the 365-bed Saint Louis University Hospital from SLU in
1998. Since then, the two organizations have worked closely together to
provide high-quality healthcare to the St. Louis region while training
thousands of highly skilled medical professionals.
“We appreciate the collaborative and productive relationship that Tenet
has enjoyed with Saint Louis University over the last 17 years,” said
Trevor Fetter, chairman and chief executive officer of Tenet Healthcare.
“With the rapid transformation of the healthcare system in recent years,
we are committed to positioning our hospitals to continue delivering
high-quality healthcare services. We believe this transaction will
accomplish that for SLU Hospital and the St. Louis region. We look
forward to working with the university to ensure a smooth transition for
all stakeholders over the coming months.”
“For nearly two decades, Saint Louis University and Tenet have worked
closely together to advance the practice of medicine in the St. Louis
region,” said Fred P. Pestello, Ph.D., president of Saint Louis
University. “This transaction reflects a significant investment in our
SLUCare Physician Group, which is an elite academic medical practice
committed to providing leading edge and compassionate patient care.”
In a separate transaction, Saint Louis University plans to contribute
SLU Hospital to SSM Health, one of the nation’s largest Catholic
not-for-profit health systems. In exchange, SLU will receive a minority
membership interest — which includes a financial interest and governance
rights — in SSM Health St. Louis, which provides a full continuum of
healthcare services throughout the St. Louis region.
The Tenet-owned Des Peres Hospital in west St. Louis County and the
MedPost Urgent Care Center in Ellisville, Mo., will remain part of the
Tenet system and will continue to deliver high-quality healthcare.
In connection with this transaction, the company anticipates recognizing
a pre-tax non-cash impairment charge of approximately $150 million to
$160 million ($95 million to $100 million after-tax) during the second
quarter of 2015.
About Tenet Healthcare
Tenet Healthcare Corporation is a national, diversified healthcare
services company with 110,000 employees united around a common mission:
to help people live happier, healthier lives. The company operates 80
hospitals, 219 outpatient centers, six health plans and Conifer Health
Solutions, a leading provider of healthcare business process services in
the areas of revenue cycle management, value based care and patient
communications. For more information, please visit www.tenethealth.com.
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.
About Saint Louis University and SLUCare
Saint Louis University is a Catholic, Jesuit institution that values
academic excellence, life-changing research, compassionate health care,
and a strong commitment to faith and service. Founded in 1818, the
University fosters the intellectual and character development of more
than 13,000 students on campuses in St. Louis and Madrid, Spain.
Building on a legacy of nearly 200 years, Saint Louis University
continues to move forward with an unwavering commitment to a higher
purpose, a greater good.
SLUCare Physician Group is the academic medical practice of Saint Louis
University, with more than 500 health care providers and 1,200 staff
members in hospitals and medical offices throughout the St. Louis
region. SLUCare physicians are among the most highly trained in their
fields — more than 50 specialties in all — and are national and
international experts, renowned for research and innovations in medicine.
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,” “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, 2014, and in our quarterly reports on Form 10-Q,
periodic reports on Form 8-K and other filings with the Securities and
Exchange Commission. The information contained in this release is as of
the date hereof. The company assumes no obligation to update
forward-looking statements contained in this release as a result of new
information or future events or developments.
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investors about the company including the posting of important
announcements regarding financial performance and corporate developments.
