Tenet Healthcare has completed the acquisitions of United Surgical Partners International and Aspen Healthcare.
Here are seven things to know about the transactions.
1. The USPI transaction results in a joint venture between Tenet and Welsh, Carson, Anderson & Stowe. The joint venture combines USPI and Tenet's surgery center and imaging center businesses.
2. Following the close of the transaction, USPI is now the largest ambulatory surgery center company in the country with 249 ASCs, as well as 18 surgical hospitals and 20 imaging centers.
3. Tenet refinanced $1.5 billion of USPI's debt and made a $404 million payment to preexisting USPI shareholders.
4. Tenet now owns 50.1 percent of USPI, while Welsh Carson owns the remaining 49.9 percent stake. Tenet will consolidate the company's financial results.
5. A put-call structure puts USPI on the path to full ownership by Tenet within the next five years.
6. USPI will maintain its branding. Bill Wilcox will remain CEO, and Brett Brodnax will remain president and chief development officer. Kyle Burtnett, Tenet's senior vice president of outpatient services, joins USPI as president of ambulatory services and chief integration officer.
7. In addition to the USPI transaction, Tenet acquired Aspen Healthcare from Welsh Carson for $214 million. Aspen has nine private hospitals and clinics in the United Kingdom.