Dallas-based Tenet Healthcare has completed two major transactions, including its previously announced deal that will combine its ambulatory and imaging centers with those of United Surgical Partners International, which is owned by Welsh, Carson, Anderson & Stowe.
Through the USPI joint venture, Tenet will become the largest operator of ambulatory surgery and imaging centers in the nation.
"This joint venture significantly expands our ability to benefit from the growing demand for convenient, cost-efficient outpatient care and enhances our growth and earnings potential," said Trevor Fetter, Tenet's chairman and CEO.
Under the agreement, Tenet will initially own 50.1 percent of the joint venture, and a pre-determined put-call structure provides a path to full ownership of USPI over the next five years.
With the deal completed, leadership at USPI will remain largely the same. Bill Wilcox will continue to serve as USPI's CEO, and Brett Brodnax, president and chief development officer at USPI, will lead the company's strategy and growth efforts. Kyle Burtnett, senior vice president for outpatient services at Tenet, will join USPI as president of ambulatory services and take on the additional role of chief integration officer for the new venture.
Tenet also completed its acquisition of U.K. hospital operator Aspen Healthcare. Tenet acquired Aspen from Welsh Carson for approximately $214 million. Aspen has nine private hospitals and clinics in its network. The deal gives Tenet "a foothold in the attractive market for private healthcare services in the U.K.," according to a news release.
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