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Why Tenet Healthcare Skyrocketed on Thursday

TheMotleyFool

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Why Tenet Healthcare Skyrocketed on ThursdayPhoto, wide shot, wide-angle lens, Medical device manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/3a7f6312-1eee-4702-9005-93cc1e62f970.png

When a company makes a big acquisition, its share price typically sags. That wasn't the case on Thursday for Tenet Healthcare (NYSE: THC), an operator of medical facilities. The company's stock closed a robust 22% higher following its announcement of a big-ticket investment.

Tenet is acquiring up to 45 ambulatory surgery centers (ASCs) spread across nine U.S. states. It's buying majority stakes in all of them from SurgCenter Development -- and in certain instances, the latter's physician partners -- for around $1.1 billion in cash. Tenet will also assume roughly $18 million in debt.

Image source: Getty Images.

Source Fool.com

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