Tenet to sell 70% stake in five Alabama hospitals to Orlando Health for $910M cash

TENET HEALTHCARE CORP

Sale price $910M cash; after-tax proceeds ~$790M; pre-tax book gain ~$375M.
Five hospitals: Brookwood, Princeton, Walker, Shelby, Citizens Baptist Medical Centers.
12-month pre-tax income ~$12M; Adj. EBITDA less NCI ~$60M on Tenet's 70% interest.
Conifer Health Solutions gets new 10-year revenue cycle management contract for the facilities.
Expected fall 2024 close; FY24 Adjusted EBITDA outlook reaffirmed per July 24 guidance.

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