Shares of Tenet Healthcare Corp. (THC) rose by 6 percent on Thursday, following the company's announcement that it plans to sell four of its hospitals located in Orange County and Los Angeles County. The buyer is UCI Health and the total price for the transaction is around $975 million.
At present, the shares of Tenet's have seen an increase of 6.47 percent, reaching $88.10, from the previous closing value of $82.74 with a trading volume of 411,549. Over the past 52 weeks, the company's shares have traded between $49.76 and $89.88 on the New York Stock Exchange.
The hospitals that are part of the transaction include the Fountain Valley Regional Hospital, the Lakewood Regional Medical Center, Los Alamitos Medical, and Placentia-Linda Hospital along with their related operations.
The deal is expected to be finalized by the spring of 2024.
