DALLAS & BRENTWOOD, Tenn.--(BUSINESS WIRE)--Tenet Healthcare Corporation (NYSE: THC) and Duke LifePoint Healthcare
have entered into a definitive agreement for the sale of Tenet’s North
Carolina hospitals and related operations. The transaction is subject to
customary regulatory approvals and other closing conditions, and is
expected to be completed between late in the fourth quarter to middle of
the first quarter.
“Tenet has long enjoyed serving the Sanford and Hickory communities
through our network of trusted hospitals and caregivers,” said Keith
Pitts, vice chairman of Tenet Healthcare. “As we evaluated strategic
alternatives to ensure the long-term success of these operations, we
chose Duke LifePoint because of their growing statewide network,
impressive leadership teams and focus on quality and value.”
The facilities included in the sale are the 137-bed Central Carolina
Hospital in Sanford and the 355-bed Frye Regional Medical Center in
Hickory, as well as 19 physician practices.
“These hospitals will expand Duke LifePoint’s strong presence in North
Carolina to nine facilities and provide enhanced services to meet the
evolving needs of these two communities,” said William J. Fulkerson Jr.,
M.D., executive vice president of Duke University Health System. “Tenet
and Duke LifePoint share a commitment to high-quality, patient-centered
care, and we look forward to a seamless integration as we bring these
facilities into our network.”
Under the terms of the definitive agreement, Duke LifePoint will
maintain all services currently provided at Central Carolina Hospital
and Frye Regional Medical Center, and will offer employment to all
employees of the hospitals, subject to standard pre-employment
screenings.
Currently, Duke LifePoint operates 12 hospitals, seven of which are in
North Carolina, as well as a company that offers hospital-based and
mobile catheterization lab services. When the transaction is completed,
Duke LifePoint will operate 14 hospitals nationwide.
“We are thrilled to offer more convenient points of care to our patients
while elevating the overall health of the communities we serve,” said
William F. Carpenter III, LifePoint chairman and chief executive
officer. “We believe this arrangement will improve care delivery across
the state and better position all of our hospitals to meet the
challenges of today’s health care environment.”
About Tenet Healthcare
Tenet Healthcare Corporation is a diversified healthcare services
company with more than 130,000 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 (USPI), the company operates 87 general acute care
hospitals, 20 short-stay surgical hospitals and over 440 outpatient
centers in the United States, as well as nine facilities in 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
(IDN), physician groups, self-insured organizations and health plans.
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 Duke LifePoint Healthcare
Duke LifePoint Healthcare, a joint venture of Duke University Health
System, Inc. and LifePoint Health (NASDAQ: LPNT), was established to
build a dynamic network of hospitals and health care providers. The
joint venture, which brings together LifePoint's experience in
community-based hospital management and Duke's world-renowned leadership
in clinical service, is strengthening and improving health care delivery
by providing community hospitals the clinical, quality and operational
resources they need to grow and prosper.
This release contains “forward-looking statements” related to Tenet
Healthcare and LifePoint Health - that is, statements that relate to
future, not past, events. In this context, forward-looking statements
often address 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
actual results to be materially different than those expressed in
forward-looking statements include, but are not limited to, the factors
disclosed under “Forward-Looking Statements” and “Risk Factors” in Form
10-K for the year ended December 31, 2014, and in 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 companies assume no obligation to
update forward-looking statements contained in this release as a result
of new information or future events or developments.
Tenet and LifePoint use their company websites to provide important
information to investors about the companies including the posting of
important announcements regarding financial performance and corporate
developments.
