Washington Post Buys Major Stake In Celtic Healthcare Inc.; Tenet Plans Buybacks
News outlets report on these health business developments.
The Wall Street Journal: Washington Post Branches Into Health Care
Post Co. said Monday it would buy a majority stake in Celtic Healthcare Inc., a closely held provider of hospice and home health care in Pennsylvania and Maryland. Terms of the deal weren't disclosed, although one analyst, Sheryl Skolnick of CRT Capital Group, said average valuations suggests the deal could have been worth at least $50 million. That is a drop in the bucket for Post Co., which has a market capitalization of $2.7 billion (Hagey, 10/1).
The Wall Street Journal: Hospital Operator Tenet Plans Buybacks
The Dallas-based company plans to offer $800 million in new debt to fund deals and repay other borrowings. Tenet—which aims to add acute-care hospitals, outpatient facilities and business-process services—said its near-term acquisitions are expected to total about $400 million (Kamp, 10/1).