Tenet sells three SC hospitals to Novant for $2.4B cash; expects ~$1.6B pre-tax gain

TENET HEALTHCARE CORP

Sale includes Coastal Carolina, East Cooper Medical, Hilton Head hospitals and related operations.
LTM revenue of $552M, pre-tax income $126M, Adjusted EBITDA $150M (12 mo. ended Sep 30, 2023).
After-tax proceeds ~$1.75B; proceeds primarily for debt retirement.
Conifer Health enters new 15-year revenue cycle management contract for the sold hospitals.
Transaction expected to close Q1 2024, subject to HSR and regulatory approvals.

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