» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 192 | Wednesday, October 02, 2013

Tenet Completes $1.8 Billion Purchase of Vanguard Health

AP

Print | Front Page | Email this story | Comments ()

NEW YORK (AP) – Hospital operator Tenet Healthcare said Tuesday it completed its $1.8 billion acquisition of competitor Vanguard Health Systems.

Tenet paid $21 per share for Vanguard, and the companies valued the deal at $4.3 billion when Vanguard's debt was included.

Dallas-based Tenet now runs 77 hospitals, 173 outpatient centers, five health plans and six accountable care organizations in 10 states. It also runs Conifer Health Solutions, which offers business process services to health care providers. Tenet said an additional hospital is being built in New Braunfels, Texas. It will retain some operations in Nashville, the site of Vanguard's headquarters.

The deal expands Tenet's reach into new markets as millions of patients start to gain insurance coverage through the Affordable Care Act, the health care law that is starting to enroll Americans on Tuesday. The overhaul is expected to help hospitals by reducing the number of uninsured patients they treat. Starting in January, the overhaul will provide income-based tax credits to help people buy coverage, and the state-and-federally funded Medicaid program will expand its coverage in a number of states.

Tenet paid a 70 percent premium to Vanguard's stock price before the offer was made public.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 218 10,440
MORTGAGES 0 293 13,620
FORECLOSURE NOTICES 0 68 2,712
BUILDING PERMITS 0 393 24,700
BANKRUPTCIES 0 184 10,076
BUSINESS LICENSES 0 62 3,798
UTILITY CONNECTIONS 0 338 14,895
MARRIAGE LICENSES 0 68 3,235

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.