Tenet sells two California hospitals for $550M cash; Conifer to partner with Adventist Health

TENET HEALTHCARE CORP

Sale of Sierra Vista Regional Medical Center and Twin Cities Community Hospital for $550M (after-tax ~$450M).
Divested facilities generated 2023 revenue of $337M, pre-tax income $25M, Adjusted EBITDA $38M.
Tenet estimates a pre-tax book gain of ~$275M on the transaction.
Conifer Health Solutions will provide revenue cycle services for Adventist Health, covering over $3.5B in net revenue.
Transaction expected to close spring 2024, subject to regulatory approvals including HSR.

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