Tenet Healthcare Corporation completed a strategic transaction with CommonSpirit Health on February 2 2026 that gave Tenet full ownership of Conifer Health Solutions. The transaction closed on January 1 2026, when CommonSpirit’s 23.8 % equity stake was redeemed for $540 million and CommonSpirit agreed to pay Tenet approximately $1.9 billion over three years.
The deal reduced Tenet’s redeemable non‑controlling interest and other liabilities by roughly $885 million and increased additional paid‑in capital by about $305 million, tightening the balance sheet and freeing capital for future investments.
Conifer will continue to provide revenue‑cycle management services to CommonSpirit through the end of 2026, but Tenet now has full control to accelerate technology initiatives—particularly artificial intelligence and automation—and to expand Conifer’s global footprint.
Tenet’s guidance for fiscal 2025 places adjusted EBITDA at the upper end of its $4.47 billion to $4.57 billion range, driven by same‑store revenue growth and disciplined cost control. The consolidation of Conifer’s operations is expected to support that outlook by eliminating inter‑company transactions and enabling deeper integration of revenue‑cycle technology across Tenet’s hospitals and ambulatory centers.
CEO Saum Sutaria said regaining full control “provides the flexibility to support Conifer’s expansion into AI, automation, and global operations,” while CommonSpirit CFO Michael Browning noted that Conifer has been a long‑standing partner since 2012 and will continue to serve CommonSpirit’s hospitals through 2026.
The transaction aligns with Tenet’s broader strategy to consolidate revenue‑cycle capabilities, enhance competitive positioning in high‑margin ambulatory and hospital markets, and invest in technology that can drive future revenue and margin growth.
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