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Tenet raises $550M from divestitures in Q1'18

Tenet Healthcare Corp. raised about $550 million in cash proceeds in the first quarter of 2018 from certain divestitures.

The divestitures include the sale of Chicago-based MacNeal Hospital to Loyola Medicine, an affiliate of Trinity Health.

Also, the company sold to Pipeline Health LLC its minority interest in Baylor Scott & White Medical Center – White Rock, which is located in Dallas. It also sold its minority interest in Baylor Scott & White Medical Center – Centennial and Baylor Scott & White Medical Center – Lake Pointe, which are both located in the greater Dallas area, to Baylor Scott & White Health.

Additionally, the hospital operator transferred its minority interest in Baylor Scott & White Medical Center – Sunnyvale, which is also located in the greater Dallas area, to Texas Health Ventures Group. Texas Health Ventures Group is a joint venture between Tenet's United Surgical Partners International unit and Baylor Scott & White Health.

The cash proceeds also include the sale of two hospitals and related operations in Philadelphia.