Willkie advised Tenet Healthcare Corporation and its subsidiary United Surgical Partners International (USPI) in the acquisition.
On November 8, Tenet Healthcare Corporation (NYSE: THC) announced that it entered into a definitive agreement with the principals of SurgCenter Development (SCD) to acquire SCD. Under the terms of the agreement, Tenet/USPI will acquire SCD’s ownership interests in 92 ambulatory surgery centers (ASCs) and other related ambulatory support services (collectively, the Portfolio) for approximately $1.2 billion. The Portfolio will be operated by Tenet’s subsidiary United Surgical Partners International (USPI) as part of its industry-leading ambulatory surgery platform.
USPI and SCD’s principals will also enter into a five-year partnership and development agreement designed to provide seamless continuity and support for SCD’s facilities and physician partners over the coming years. Going forward, USPI also has the exclusive option to partner with SCD on de novo development projects over the life of the agreement.
Tenet Healthcare Corporation is a diversified healthcare services company headquartered in Dallas with 100,000 employees. Through an expansive care network that includes United Surgical Partners International, it operate 60 hospitals and more than 460 other healthcare facilities, including surgical hospitals, ambulatory surgery centers, urgent care and imaging centers and other care sites and clinics.
The Willkie team was led by partners Serge Benchetrit and Jessica Sheridan, and included associates Daniel Alster, Augustine Donati and Michael Manopla.