Benzinga | Oct 11, 2021 09:06AM EDT

Tenet Healthcare's United Surgical Partners Reports Deal To Buy Compass Surgical Partners' Ownership, Mgmt. Interests In 9 Ambulatory Surgery Centers, No Terms Disclosed

United Surgical Partners International (USPI), a subsidiary of Tenet Healthcare Corporation (NYSE:THC), today announced that it has entered into a definitive agreement with Compass Surgical Partners (Compass) to purchase its ownership and management interests in nine ambulatory surgery centers (ASCs).

Upon completion of the transaction, USPI will manage and jointly own the centers through partnerships with approximately 125 physicians, as well as with local health systems, where applicable.

The portfolio includes well-established and new ASCs located in Florida (Tampa), North Carolina (Asheville, Raleigh and Winston-Salem) and Texas (Waco). Roughly 60 percent of the case mix comes from musculoskeletal procedures, with the remainder attributed primarily to ENT and ophthalmology.

The addition of this portfolio complements USPI's strategy of acquiring, integrating and successfully growing well-established facilities that can experience the advantages of the platform, as well as those in development stages which can benefit from the Company's proven ability to accelerate the ramp up of new centers.

Under the terms of the transaction, USPI will acquire Compass' minority ownership interests (approximately 20% ownership interest in the nine centers) and management responsibilities of the centers. Financial terms of the agreement were not disclosed.

The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions.