Adventist Health System/West agreed to acquire Sierra Vista Hospital, Inc and Twin Cities Community Hospital, Inc. from Tenet Healthcare Corporation (NYSE:THC) for $550 million on February 29, 2024. The consideration consists of $550 million in cash. As part of the consideration, $550 million was paid towards assets.

The subject to customary regulatory approvals, clearances, and closing conditions and for the year ended December 31, 2023, the two hospitals and related operations included in the sale generated revenues of approximately $337 million and Adjusted EBITDA of approximately $38 million. RBC Capital Markets, LLC acted as financial advisor to Adventist Health System/West and Latham & Watkins LLP acted as legal advisor to Adventist Health System/West. The transaction is expected to be completed in the spring of 2024.

Mark Ray, Dawnmarie Matlock, Tyler Pate, Scott Harty of Alston & Bird LLP acted as legal advisor to Tenet Healthcare Corporation.