Tenet Monetizes Broadlane Ownership Stake
DALLAS . – Tenet Healthcare Corporation (NYSE: THC) today announced that it has completed the previously disclosed sale of its entire interest in Broadlane, Inc. to TowerBrook Capital Partners L.P. Proceeds are $160 million. Ten percent of the proceeds will be held in escrow and distributed over approximately six years.
As previously disclosed, the proceeds will be used for general corporate purposes. Tenet expects to record a gain on the transaction, which will be substantially offset for tax purposes by existing net operating loss carryforwards.
Tenet will continue as a committed Broadlane client for both supply chain management and clinical workforce management services.
Tenet Healthcare Corporation, through its subsidiaries, owns and operates acute care hospitals and related ancillary health care businesses, which include ambulatory surgery centers and diagnostic imaging centers. Tenet is committed to providing high quality care to patients in the communities we serve. Tenet can be found on the World Wide Web at www.tenethealth.com.
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