Healthcare services company Tenet Healthcare Corp. (THC) announced Thursday it entered into a definitive agreement with Adventist Health for the sale of two Tenet hospitals and related operations in San Luis Obispo County.
Tenet also announced its Conifer Health Solutions subsidiary will enter into an agreement to provide revenue cycle services for Adventist Health. Conifer to provide services for over $3.5 billion in net revenue.
The transaction will include Sierra Vista Regional Medical Center and Twin Cities Community Hospital, as well as affiliated physician practices and other related operations. The agreement is for approximately $550 million (after-tax proceeds of approximately $450 million).
The transaction is expected to be completed in the spring of 2024, subject to customary regulatory approvals, clearances, and closing conditions.