secwatch.observer — SEC 8-K summary
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Issuer:     TENET HEALTHCARE CORP (THC)
CIK:        0000070318
Form:       8-K
Filed at:   2024-02-01T23:59:59+00:00
Accession:  0000070318-24-000008
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 2.01, 9.01, 7.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/70318/000007031824000008/0000070318-24-000008-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/70318/000007031824000008/thc-20240201.htm
  HTML page:      https://secwatch.observer/filing/0000070318-24-000008

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