Tenet Healthcare (THC) has released an update to notify the public and investors about a regulation fd disclosure.
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On February 1, 2024, the Company announced the sale of four California hospitals and related operations for $975 million in cash, with net after-tax proceeds of about $800 million, and the retention of an estimated $130 million in net working capital. The divested entities generated $1 billion in revenue and $71 million in Adjusted EBITDA for the year ending December 31, 2023. The sale is expected to result in a pre-tax book gain of around $500 million for the Company and reduce its 2024 income tax expense by approximately $40 million.
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For a comprehensive understanding of the announcement, you can read the full document here.