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Tenet Healthcare acquires Aspen Healthcare for $215m

Dallas-based Tenet Healthcare has acquired UK private hospital operator Aspen Healthcare from Welsh, Carson, Anderson & Stowe for a cash consideration of $215 million (£144 million).

Tenet said the acquisition is expected to close in the third quarter of 2015, and that it offered “an attractive opportunity” to enter the UK market.

There had been a rise in demand for private healthcare in the UK, the firm said, because of “demographic changes, growth in consumer healthcare spending, and increasing opportunities to work with and support the National Health Service”.

Tenet has also agreed to purchase Dallas-based United Surgical Partners International, which was Aspen Healthcare’s parent company until 2012, over a five-year period.

Tenet president and chief executive Trevor Fetter said: “Aspen Healthcare has achieved a strong track record of performance under Welsh Carson’s ownership, and their significant and smart capital investments in recent years have positioned the company to drive additional robust growth in the future.”

Tenet was advised on both transactions by JP Morgan and Lazard. Gibson, Dunn & Crutcher was legal advisor to the firm. Candesic also advised Tenet on the acquisition of Aspen Healthcare.

Barclays and Goldman Sachs were financial advisors to Aspen Healthcare.

Aspen operates nine private hospitals and clinics across the UK including in London, Sheffield, Edinburgh and Solihull. Des Shiels (pictured) is chief executive of the group.

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Posted on: 24/03/2015

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