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By Dhirendra Tripathi
Investing.com -- Tenet Healthcare (NYSE:THC) shares were up just short of 2% in Thursday’s premarket trading after it announced the sale of five hospitals and associated physician practices in Florida to Steward Health Care for about $1.1 billion.
The hospitals are located in Miami-Dade/Southern Broward area and will more than double Steward’s presence in Florida. This transaction will bring Steward’s total hospital count to 44 worldwide.
Tenet’s Conifer Health Solutions subsidiary will continue to provide revenue cycle management services to the five hospitals.
The Dallas-headquartered company’s ambulatory facilities operated by United Surgical Partners International in these markets are not included in the transaction.
Steward’s hospitals function on a community model, engaging with local employees and community groups as partners.