Tenet Healthcare to Acquire Vanguard Health Systems for $21/Share in Cash

Tenet Healthcare Corporation

and Vanguard Health Systems, Inc.

have signed a definitive agreement whereby Tenet will acquire Vanguard for $21 per share in an all cash transaction. The acquisition is valued at $4.3 billion including the assumption of $2.5 billion in Vanguard debt. Tenet expects the transaction to be accretive to earnings in the first year. Anticipated annual synergies are $100 million to $200 million. Both Boards of Directors have unanimously approved the transaction and Tenet has secured fully committed financing from Bank of America Merrill Lynch. “This unique strategic transaction will bring together organizations that share a common commitment to providing high quality care and create significant new