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Tenet and St. Luke’s Hospital Announce Definitive Agreement Regarding the Sale of Des Peres Hospital

Tenet and St. Luke’s Hospital Announce Definitive Agreement Regarding the Sale of Des Peres Hospital

DALLAS & ST. LOUIS, Mo.--(BUSINESS WIRE)--

Tenet Healthcare Corporation (THC) and St. Luke’s Hospital, an independent, nonprofit healthcare provider in Chesterfield, Mo., announced today that they have entered into a definitive agreement for St. Luke’s to purchase Des Peres Hospital as well as Tenet-owned physician practices and other hospital-affiliated operations in St. Louis.

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“In identifying a new owner for Des Peres Hospital as part of ongoing changes to our network, we have focused on securing the hospital’s long-term sustainability for the benefit of its patients, employees and the physicians who practice there,” said Ron Rittenmeyer, executive chairman and CEO of Tenet Healthcare. “St. Luke’s Hospital shares Tenet’s commitment to providing patients with high quality care and the best patient experience possible. We believe that St. Luke’s will complement and enhance Des Peres’ position within the St. Louis community, which the hospital has proudly served for more than 40 years.”

“We are excited to welcome Des Peres Hospital to the St. Luke’s family, as we bring together two hospitals with talented care teams and a shared vision for providing the highest quality patient care,” said Christine M. Candio, RN, FACHE, St. Luke’s Hospital president and chief executive officer. “By aligning the community and patient-focused values of both hospitals, we will create an even stronger healthcare network prepared to serve our patients far into the future.”

The transaction is expected to be completed early this year, subject to regulatory approvals and customary closing conditions.

About Tenet Healthcare:

Tenet Healthcare Corporation is a diversified healthcare services company with nearly 130,000 employees united around a common mission: to help people live happier, healthier lives. Through its subsidiaries, partnerships and joint ventures, including United Surgical Partners International, the Company operates general acute care and specialty hospitals, ambulatory surgery centers, urgent care centers and other outpatient facilities in the United States and the United Kingdom. Tenet’s Conifer Health Solutions subsidiary provides technology-enabled performance improvement and health management solutions to hospitals, health systems, integrated delivery networks, physician groups, self-insured organizations and health plans. For more information, please visit www.tenethealth.com.

The terms "THC", "Tenet Healthcare Corporation", "the company", "we", "us" or "our" refer to Tenet Healthcare Corporation or one or more of its subsidiaries or affiliates as applicable.

About St. Luke’s Hospital:

St. Luke’s Hospital is an independent, nonprofit healthcare provider committed to improving the quality of life for its patients and the community. Since its founding in 1866, St. Luke’s has grown from a single hospital location to an advanced network of care. It provides personalized healthcare services in over 60 specialty areas at its 493-bed hospital in Chesterfield, Mo. and offers 27 other locations across the greater St. Louis area, bringing quality healthcare services close to home. St. Luke’s is nationally-recognized for quality care and consistently earns high patient satisfaction scores. In addition, St. Luke’s is the exclusive St. Louis affiliate of the nation’s No. 1 heart hospital, Cleveland Clinic’s Sydell and Arnold Miller Family Heart & Vascular Institute. For more information, visit stlukes-stl.com/newsroom.

This release 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,” “assume,” “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, but are not limited to, the factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2016 and other filings with the Securities and Exchange Commission.

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