Novant Health, Inc. signed a definitive agreement to acquire Coastal Carolina Hospital, East Cooper Medical Center and Hilton Head Hospital and Certain Related Operations in South Carolina from Tenet Healthcare Corporation (NYSE:THC) and Hilton Head Regional Healthcare, L.L.C. for $2.4 billion on November 17, 2023. Under the terms of the agreement, Novant Health will purchase three hospitals, as well as associated physician practices and other related hospital operations from Tenet for approximately $2.4 billion in cash (after-tax proceeds of approximately $1.75 billion), subject to customary purchase price adjustments, including working capital and other items. The transaction includes Hilton Head Hospital in Beaufort County, Coastal Carolina Hospital in Jasper County, and East Cooper Medical Center in Charleston County. For the last 12 months ended September 30, 2023, the three hospitals and certain related operations generated revenues of approximately $552 million and Adjusted EBITDA of approximately $150 million. The transaction is subject to customary regulatory approvals, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and closing conditions. This transaction is anticipated to close in the early 2024. Tenet anticipates utilizing the proceeds from the transaction primarily for debt retirement. RBC Capital Markets served as financial advisor to Novant Health. Mark Ray, Russell Hilton, Dawnmarie Matlock, Tyler Pate, Amy Pleasance, Faith Proper, MacKenzie Dickerman, Carolyn Bergkvist, Sarah Beach, and Beth Nordhorn of Alston & Bird LLP acted as legal advisor to Tenet Healthcare Corporation.

Novant Health, Inc. completed the acquisition of Coastal Carolina Hospital, East Cooper Medical Center and Hilton Head Hospital and Certain Related Operations in South Carolina from Tenet Healthcare Corporation (NYSE:THC) and Hilton Head Regional Healthcare, L.L.C. In January 2024.