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Tenet to Acquire Vanguard for $4.3B

Dallas-based for-profit hospital giant Tenet Healthcare Corp. announced it has signed a definitive agreement to acquire private-equity backed Vanguard Health Systems, based in Nashville, Tenn., for $21 per share, a $4.3 billion all-cash transaction.

In a news release, Tenet President and CEO Trevor Fetter said the deal is intended to expand and diversify both systems' geographic reach.

The acquisition, which includes Tenet's assumption of Vanguard's $2.5 billion debt, is expected to close by the end of the year. If regulators approve the deal, Vanguard Founder, Chairman and CEO Charlie Martin will join Tenet's board of directors, and Vanguard Vice Chairman Keith Pitts will become vice chairman on Tenet's senior management team.

"Together, we now have the scale and strength to achieve the vision we have pursued in parallel," Mr. Martin said in the release.

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