Tenet to acquire portfolio of 45 surgery centers from SurgCenter Development

December 10, 2020  –  Tenet Healthcare Corporation will acquire a portfolio of up to 45 ambulatory surgery centers (ASCs) from SurgCenter Development (SCD).

The 45 centers are located in Arizona, Florida, Indiana, Louisiana, Maryland, Ohio, New Hampshire, Texas and Wisconsin. The portfolio of ASCs will be operated by Tenet’s United Surgical Partners International (USPI) subsidiary as part of its industry-leading ambulatory surgery platform.

Under the terms of the transaction, the company will purchase majority interests in up to 45 centers by fully acquiring SCD’s interests, and partially acquiring interests from physician partners, for approximately $1.1 billion in cash and the assumption of approximately $18 million of center-level debt.

USPI’s ownership interest will be up to 60% in each center, with the remainder owned by physician partners.

Tenet will consolidate the financial results of the portfolio within its Ambulatory Care segment with the exception of two centers in which USPI will own a minority interest. Tenet has completed the acquisition of a majority of the 45 centers and expects to complete the acquisition of the remainder of the portfolio by the end of 2020, pending the finalization of documentation and the receipt of certain state approvals.

Pending completion of the transaction, USPI’s surgical portfolio will have as many as 310 ambulatory surgical facilities, including 24 surgical hospitals, in 33 states. The portfolio has over 800 medical staff physicians and a case mix weighted heavily toward high-growth MSK procedures in a lower cost-of-care setting, with approximately 80% attributed to orthopedics, pain and spine.

Following the acquisition, the enhanced USPI platform will have close to 5,000 physician partners and over 50 health system partners.

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