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Trevor Fetter

Tenet Buys Vanguard Health for $1.63B

Tenet Healthcare (NYSE:THC) moved to expand its sprawling portfolio of hospitals by unveiling a $1.63 billion acquisition on Monday of hospital operator Vanguard Health Systems (NYSE:VHS) in a deal that carries a hefty premium of about 70%.Based in Nashville, Vanguard owns and operates 28 acute care and specialty hospitals around the country, including in and around Chicago, Phoenix, San Antonio and Boston. Vanguard employs nearly 35,000 workers and generated 2012 revenue of just under $6 billion."This acquisition will take Tenet into new geographic markets, expand the breadth of our service offerings, diversify our earnings sources and increase the benefits we expect to realize under healthcare reform," Tenet CEO Trevor Fetter said in a statement.When $2.5 billion of Vanguard debt is included, the enterprise value of the transaction climbs to $4.3 billion.Tenet agreed to pay $21 a share for Vanguard, or roughly 70% above the company's Friday close at $12.37.Tenet anticipates the trans...

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