Press release from Business Wire
Tenet to Acquire Emanuel Medical Center in Turlock, Calif.
Thursday, February 21, 2013
Tenet to Acquire Emanuel Medical Center in Turlock, Calif.09:30 EST Thursday, February 21, 2013 DALLAS (Business Wire) -- Tenet Healthcare Corporation (NYSE: THC) today announced that it has entered into a definitive agreement to acquire Emanuel Medical Center, a 209-bed hospital located in Turlock, Calif. The acquisition of Emanuel Medical Center represents a significant step in expanding Tenet's integrated healthcare network in California's Central Valley region. Emanuel Medical Center will join Doctors Medical Center of Modesto and Doctors Hospital of Manteca in providing patient-centered care in the region. Terms of the transaction were not disclosed. As part of the enhanced network, these hospitals will build upon their existing base of high-quality services and improve the efficiency and coordination of healthcare delivery in the communities they serve. The acquisition strongly positions the network to improve patient care by integrating physician organizations, developing additional outpatient facilities in locations convenient for patients, and expanding Tenet's accountable care offerings in the Central Valley to include Emanuel Medical Center. “The combination of Emanuel Medical Center with Tenet's existing hospitals represents the alignment of leading healthcare organizations with a long history of providing high-quality patient care in the Central Valley region,” said Jeff Koury, senior vice president for Tenet's California region. “We all share the same deep commitment to meeting the community's healthcare needs and providing patients with expanded choices for care as part of an integrated healthcare network.” Through this acquisition Emanuel will be part of Tenet's broader healthcare network, including the company's nationally-recognized quality programs. Emanuel Medical Center will retain its affiliation with the Evangelical Covenant Church and its faith-based culture and practices. Tenet has significant experience acquiring hospitals from faith-based organizations, such as the Catholic and Baptist churches, and maintaining their religious identities and missions. “Emanuel Medical Center is a natural fit for Tenet's expanding network in the Central Valley to provide the community and our patients coordinated care that is close to home. We are excited to work with the dedicated and talented employees and physicians of Emanuel Medical Center who provide exemplary medical care within the community,” commented Koury. This transaction is subject to customary approvals and other closing conditions. Tenet expects to complete the acquisition in the second quarter of 2013. Tenet Healthcare Corporation, a leading health care services company, through its subsidiaries operates 49 hospitals, over 117 free-standing outpatient centers and Conifer Health Solutions, a leader in business process solutions for health care providers serving more than 600 hospital and other clients nationwide. Tenet's hospitals and related health care facilities are committed to providing high quality care to patients in the communities they serve. For more information, please visit www.tenethealth.com. This document contains “forward-looking statements” – that is, statements that relate to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include the factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2011, our quarterly reports on Form 10-Q, periodic reports on Form 8-K and other filings with the Securities and Exchange Commission. The information contained in this release is as of the date hereof. The Company assumes no obligation to update forward-looking statements contained in this release as a result of new information or future events or developments. Tenet uses its company website to provide important information to investors about the company including the posting of important announcements regarding financial performance and corporate developments. Tenet Healthcare CorporationMedia:Rick Black, 469-893-2647Rick.Black@tenethealth.comorInvestors:Thomas Rice, 469-893-2522Thomas.Rice@tenethealth.com