Tenet completes sale of three SC hospitals to Novant Health for $2.4B cash, expects ~$1.7B pretax gain

TENET HEALTHCARE CORP

Completed sale of three South Carolina hospitals plus affiliated physician practices and other operations to affiliates of Novant Health for $2.4B cash (subject to customary adjustments).
Transaction expected to generate a pretax gain of approximately $1.7B; income tax expense favorably impacted by ~$150M in 2024.
Pro forma balance sheet shows cash increase to $3.45B and net gain of $1.1B after tax; retained earnings deficit becomes positive.
Pro forma revenue for FY2022 reduced by $534M (to $18.64B) and for 9M2023 by $412M (to $14.76B) reflecting removal of divested operations.
Sale proceeds net of $5M transaction costs; net book value of divested assets $284M, goodwill allocated $425M.

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