Dallas-based Tenet Healthcare is acquiring up to 45 ambulatory surgery centers from Towson, Md.-based SurgCenter Development, according to a Dec. 10 news release.
Tenet will purchase majority interests in up to 45 centers located in Arizona, Florida, Indiana, Louisiana, Maryland, Ohio, New Hampshire, Texas and Wisconsin. Tenet will fully acquire SurgCenter Development's interest in the centers and partially acquire interests from physician partners. The centers will be operated by Tenet's United Surgical Partners International subsidiary.
Under the deal, Tenet will pay about $1.1 billion in cash and assume approximately $18 million in debt. The company has completed the acquisition of most of the 45 centers and, pending state approvals, expects to acquire the remaining centers by the end of this year.
"This is a transformative transaction within our stated strategy to expand our ambulatory platform," Tenet Executive Chair and CEO Ron Rittenmeyer said in a news release. "It will enhance our overall business mix and further diversify our earnings profile by accelerating our shift toward lower cost of care, consumer-friendly, faster-growing assets for Tenet, USPI and our physician and health system partners."