secwatch.observer — SEC 8-K summary
======================================

Issuer:     TENET HEALTHCARE CORP (THC)
CIK:        0000070318
Form:       8-K
Filed at:   2024-02-01T23:59:59+00:00
Accession:  0000070318-24-000006
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Tenet sells 3 SC hospitals for $2.4B, agrees to sell 4 CA hospitals for $975M; FY23 EBITDA above guidance high end
--------------------------------------------------------------------------------

- Completed sale of three SC hospitals (Coastal Carolina, Hilton Head, East Cooper) to Novant for $2.4B cash.
- Definitive agreement to sell four CA hospitals (Fountain Valley, Lakewood, Los Alamitos, Placentia Linda) to UCI Health for $975M.
- Preliminary FY23 Adjusted EBITDA expected above high end of guidance, with $52M Medicaid adjustments and strong USPI surgical growth.
- Four CA hospitals generated ~$1B revenue, $29M pre-tax income, $71M Adjusted EBITDA in 2023; estimated pre-tax gain ~$500M.
- Combined tax benefit from both transactions ~$190M in 2024; transactions expected to close spring 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/70318/000007031824000006/0000070318-24-000006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/70318/000007031824000006/thc-20240201.htm
  HTML page:      https://secwatch.observer/filing/0000070318-24-000006

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer