Tenet Healthcare Corporation (NYSE:THC) announced today that several of its subsidiaries have completed the previously announced transfer of assets of three acute care hospitals in West Los Angeles to Centinela Freeman HealthSystem. The hospitals are 370-bed Centinela Hospital Medical Center and 358-bed Daniel Freeman Memorial Hospital in Inglewood, and 166-bed Daniel Freeman Marina Hospital in Marina del Rey.
Net after-tax proceeds are estimated to be approximately $47 million, including the liquidation of working capital and tax benefits. The company expects to use the proceeds for general corporate purposes.
The three West Los Angeles hospitals are among 27 hospitals Tenet announced it was divesting on Jan. 28, 2004. With today's announcement, Tenet has completed the divestiture of 10 of the 27 facilities and has entered into definitive agreements to divest an additional 11 hospitals. Discussions and negotiations with potential buyers for the remaining six hospitals slated for divestiture are ongoing.
Tenet Healthcare Corporation, through its subsidiaries, owns and operates acute care hospitals and related health care services. Tenet's hospitals aim to provide the best possible care to every patient who comes through their doors, with a clear focus on quality and service. Tenet can be found on the World Wide Web at http://www.tenethealth.com.
Some of the statements in this release may constitute forward-looking statements. Such statements are based on our current expectations and could be affected by numerous factors and are subject to various risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the fiscal year ended Dec. 31, 2003, our quarterly reports on Form 10-Q and periodic reports on Form 8-K. Do not rely on any forward-looking statement, as we cannot predict or control many of the factors that ultimately may affect our ability to achieve the results estimated. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.