Tenet announces $1.9B CommonSpirit deal; 2025 Adj. EBITDA at upper end of guidance

TENET HEALTHCARE CORP

CommonSpirit to pay Tenet $1.9B over 3 years; Tenet redeems CommonSpirit's 23.8% Conifer equity for $540M.
Balance sheet: redeemable non-controlling interest and liabilities reduced ~$885M; APIC increased ~$305M.
Preliminary 2025 Adj. EBITDA at upper end of $4.47B-$4.57B range; strong revenue growth and expense management.
Conifer continues to serve CommonSpirit through 2026; Tenet to invest in AI and automation for Conifer.
Full Q4 and FY 2025 results to be reported on February 11, 2026.

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