Acquisition of Tenet's Pacific Coast Network
would expand unrestricted to healthcare for Orange County and beyond
ORANGE,
Calif., Feb. 1, 2024 /PRNewswire/ -- The
Regents of the University of California, on behalf of the University of
California, Irvine, has entered into a definitive
agreement with Tenet Healthcare Corporation (NYSE: THC) to acquire
Tenet's Pacific Coast Network. The network will become part of UCI
Health, the clinical enterprise of UC Irvine.
"UC Irvine has deepened its healthcare commitment to the future
of Orange County, our region and
California," said UC Irvine
Chancellor Howard Gillman. "This
journey in healthcare is deeply intertwined with the University of California's dedication to bettering
our communities, expanding access to premier healthcare, and
pioneering the medical innovations of tomorrow, today. Our vision
will bridge gaps in regional care and reinforce UCI's place among
the nation's leading academic health systems while advancing
solutions to challenges facing healthcare."
Pending customary regulatory approvals, clearances, and closing
conditions, the proposed acquisition would bring four medical
centers in Lakewood, Los Alamitos, Fountain Valley and Placentia and associated
outpatient locations into the UCI Health system. UCI Health
currently delivers care at UCI Medical Center in Orange and a growing network of multispecialty
care centers.
"At UCI Health, we are excited to add these new care sites to
the UCI Health network and extend the benefits of our
compassionate, high-level care, clinical innovation, and scientific
discovery," said Chad Lefteris,
president and chief executive officer of UCI Health. "As Orange
County's only academic health system, UCI Health is unique in its
ability to offer the highest level of advanced care powered by the
research and innovation of a world-class public research
institution."
UCI Health recognizes a unique opportunity to build on the
quality care already being delivered in the communities served by
Tenet Healthcare's Pacific Coast Network.
"These four hospitals are well-regarded in their communities for
providing high-quality, compassionate care," said Saum Sutaria, M.D., chairman and chief executive
officer of Tenet Healthcare. "The local communities will benefit
from the nationally recognized advancements, medical knowledge,
research, and community focus that UCI Health brings as an
innovative academic health system. UCI Health recognizes a unique
opportunity to build on the quality care already being delivered in
the communities served by the Pacific Coast Network."
In a region with a population greater than that of two dozen
states, UCI Health operates the only Level I trauma center, locally
based National Cancer Institute-designated comprehensive cancer
center, high-risk perinatal-neonatal service and is the largest
regional burn center and leading provider of complex tertiary and
quaternary care. The system's clinical excellence has consistently
placed UCI Health in the top 10 for quality and safety among the
nation's leading comprehensive academic health systems.
The acquisition also means more patients will have access to
advanced therapies in the region's largest and most diverse
portfolio of clinical trials, ranging from cancer to neurosciences,
digestive diseases, orthopedics and internal medicine
specialties.
UCI Health and Tenet Healthcare's Pacific Coast Network patients
can continue receiving care at their local facilities as they
normally would from the care teams they know and trust. The
transaction is expected to be completed in spring 2024, subject to
customary regulatory approvals, clearances, and closing
conditions.
"It is a privilege to provide world-class care to Californians
and we are excited to welcome the clinicians and co-workers from
these Tenet Healthcare sites to UCI Health as partners in improving
the health of local communities," Lefteris said.
Cautionary Note on Forward-Looking
Statements
This press release contains forward-looking statements.
Forward-looking statements are typically identified by words such
as "expect," "anticipate," "assume," "believe," "budget,"
"estimate," "forecast," "intend," "plan," "predict," "project,"
"seek," "see," "target," or "will" and other similar words and
expressions. Forward-looking statements speak only as of the date
they are made. Neither Tenet nor UCI Health assumes any duty or
undertakes to update forward-looking statements. Because
forward-looking statements are subject to assumptions and
uncertainties, actual results or future events could differ,
possibly materially, from those that Tenet or UCI Health
anticipated in its forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to, those included under Item 1A "Risk Factors" in Tenet's
Annual Report on Form 10-K, Tenet other filings with the Securities
and Exchange Commission, as well as the possibility that the
transaction may not be timely completed, if at all; that
outstanding customary closing conditions are not satisfied in a
timely manner or at all; and that the expected benefits of the
transaction may not materialize in the timeframe expected or at
all.
About UCI Health
UCI Health is the clinical
enterprise of the University of California,
Irvine, and the only academic health system in Orange County. Patients can access UCI Health
at primary and specialty care offices across Orange County and at its main campus, UCI
Medical Center in Orange,
Calif. The 459-bed, acute care hospital, listed among
America's Best Hospitals by U.S. News & World
Report for 23 consecutive years, provides tertiary and
quaternary care, ambulatory and specialty medical clinics,
behavioral health and rehabilitation services. UCI Medical Center
is home to Orange County's
only National Cancer Institute-designated comprehensive cancer
center, high-risk perinatal/neonatal program and American
College of Surgeons-verified Level I adult and Level II
pediatric trauma center, gold level 1 geriatric emergency
department and regional burn center. Follow us
on Facebook, Instagram, LinkedIn and Twitter.
About UC Irvine
About the University of California, Irvine: Founded in 1965,
UCI is a member of the prestigious Association of American
Universities and is ranked among the nation's top 10 public
universities by U.S. News & World Report. The campus has
produced five Nobel laureates and is known for its academic
achievement, premier research, innovation and anteater mascot. Led
by Chancellor Howard Gillman, UCI
has more than 37,000 students and offers 224 degree programs. It's
located in one of the world's safest and most economically vibrant
communities and is Orange County's
second-largest employer, contributing $7
billion annually to the local economy and $8 billion statewide. For more on UCI,
visit www.uci.edu.
About Tenet Healthcare
Tenet Healthcare Corporation
(NYSE: THC) is a diversified healthcare services company
headquartered in Dallas. Our care
delivery network includes United Surgical Partners International,
the largest ambulatory platform in the country, which operates or
has ownership interests in more than 480 ambulatory surgery centers
and surgical hospitals. We also operate 58 acute care and specialty
hospitals, approximately 110 other outpatient facilities, a network
of leading employed physicians and a global business center in
Manila, Philippines. Our Conifer
Health Solutions subsidiary provides revenue cycle management and
value-based care services to hospitals, health systems, physician
practices, employers, and other clients. Across the Tenet
enterprise, we are united by our mission to deliver quality,
compassionate care in the communities we serve. For more
information, please visit www.tenethealth.com.
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SOURCE UCI Health