On Thursday, Tenet Healthcare Corp (NYSE:THC)’s shares inclined 1.59% to $59.43.
Tenet Healthcare Corporation (THC) has accomplished its formerly declared joint venture transaction with Welsh, Carson, Anderson & Stowe that combines the short-stay surgery and imaging center assets of Tenet and United Surgical Partners International (“USPI”) to create the leading U.S. short-stay surgery platform.
As contemplated in the original agreement declared on March 23, 2015, Tenet contributed its interest in 49 ambulatory surgery centers and 20 imaging centers to the joint venture and refinanced about $1.5 billion of existing USPI debt, which will be allocated to the joint venture through an intercompany loan. Tenet also made an about $404 million payment to pre-existing USPI shareholders to align the respective valuations of the assets contributed to the joint venture. Tenet owns 50.1% of the new USPI and will consolidate USPI’s financial results. Welsh Carson and the other existing shareholders in USPI own the remaining 49.9%. A pre-determined put-call structure provides a path to full ownership of USPI by Tenet over the next five years. Bill Wilcox will continue to lead USPI as chief executive officer and Brett Brodnax, president and chief development officer of USPI, will lead the company’s strategy and growth efforts. Kyle Burtnett, senior vice president for outpatient services at Tenet, will join USPI as president of ambulatory services and take on the additional role of chief integration officer for the new venture.
Tenet Healthcare Corporation, a healthcare services company, primarily operates acute care hospitals and related healthcare facilities in the United States. It operates through two segments, Hospital Operations and Other, and Conifer. The company’s general hospitals offer acute care services, operating and recovery rooms, radiology services, respiratory therapy services, clinical laboratories, and pharmacies.
WEC Energy Group Inc (NYSE:WEC)’s shares gained 1.57% to $46.65.
Wisconsin Energy Corporation declared recently it has accomplished the acquisition of Integrys Energy – forming the WEC Energy Group (WEC) and reiterated its dividend declaration to shareholders.
On June 12, the board declared a pro rata dividend of $0.00459239 a share per day that accrued from May 15, 2015, through June 28, 2015, one day prior to the closing of the acquisition. This pro rata dividend – which covers 45 days — is the daily equivalent of the current quarterly dividend rate of $0.4225 a share.
As a result, Wisconsin Energy shareholders of record on June 28 will receive a payment of $0.20665755 a share, payable within the next 10 days.
The board had also declared a pro rata dividend of $0.00497283 a share per day (the daily equivalent of $0.4575 per quarter) that will accrue from June 29 through Aug. 14, 2015, which is Wisconsin Energy’s normal record date. This pro rata dividend will be paid on Sept. 1, 2015, to Wisconsin Energy shareholders of record on Aug. 14, 2015.
Integrys Energy shareholders of record on June 28 will receive a payment of $0.21702 a share, payable within the next 10 days. This represents the pro rata dividend of $0.007234 a share per day that accrued from May 30, 2015, through June 28, 2015.
Wisconsin Energy Corporation, through its auxiliaries, generates and distributes electric energy. The company operates in two segments, Utility Energy and Non-Utility Energy. It generates electricity from coal, natural gas, oil, hydroelectric, wind, and biomass. The company provides electric utility services to customers in the paper, foundry, food products, and machinery production industries, in addition to the retail chains. It also provides retail gas distribution services in the state of Wisconsin, in addition to transports customer-owned gas to paper, food products, and fabricated metal products industries; and generates, distributes, and sells steam. As of December 31, 2014, the company serves about 1,133,600 electric customers in Wisconsin and the Upper Peninsula of Michigan; and about 1,089,000 gas customers in Wisconsin, in addition to 440 steam customers in metropolitan Milwaukee, Wisconsin .
At the end of Thursday’s trade, Alcatel Lucent SA (ADR) (NYSE:ALU)‘s shares dipped -1.10% to $3.58.
Alcatel-Lucent ( ALU) has launched a new device for residential and business use that will allow operators to accelerate the deployment of ultra-broadband access in order to meet ever-growing demand for faster data speeds in homes and the workplace.
The Alcatel-Lucent G.fast residential gateway is a simple, plug-and-play device that will eliminate the need for operators’ engineers to have to enter a customer’s premises to install, thanks to its use of the G.fast standard and application of existing telephone lines to extend fiber-like data speeds into the home.
With the number of connected devices predictable to reach 50-100 billion by 20201, the demand for more bandwidth and faster broadband speeds has never been greater. Fiber-to-the-home and G.fast technologies allow operators to bring gigabit broadband speeds to premises. However, maintaining those speeds inside a building can be more difficult with legacy home networks, poor WiFi speeds and reliability issues limiting how fast and how much data consumers can access at any given time. This problem becomes compounded as more devices are added onto the home network.
Alcatel-Lucent provides Internet protocol (IP) and cloud networking, and ultra- broadband access worldwide. The company’s Core Networking segment offers IP routing, carrier Ethernet, network functions virtualization, and software defined networking applications and infrastructure to meet the challenges of network traffic growth while supporting the delivery of cloud-enabled business, mobile, and residential services for service providers, mobile network operators, cable/multiple system operators, transportation, utilities, and large-scale enterprises.
SunTrust Banks, Inc. (NYSE:STI), ended its Thursday’s trading session with -0.62% loss, and closed at $43.54.
Scott Wilfong, a 43-year banking industry veteran and Baltimore booster who is the chairman and CEO of SunTrust Bank’s Greater Washington and Maryland division, is retiring at the end of the month.
Wilfong, 65, will be succeeded by region president Dan O’Neill at the start of July. Speculation mounted at the starting of this year that Wilfong was preparing to retire after O’Neill, 54, became the Greater Washington and Maryland president for SunTrust ( STI). O’Neill moved from the bank’s headquarters in Atlanta, where he was head of wholesale risk administration.
The changes are noteworthy for both Washington and Baltimore, where SunTrust is the sixth-largest bank by deposit market share. The bank had 3.3 percent of the Baltimore market’s deposits, $2.1 billion, as of the most recent Federal Deposit Insurance Corp. rankings from the end of June 2014.
SunTrust Banks, Inc. operates as the holding company for SunTrust Bank that provides various financial services in the United States. The company operates in three segments: Consumer Banking and Private Wealth Administration, Wholesale Banking, and Mortgage Banking. The Consumer Banking and Private Wealth Administration segment offers deposits, home equity lines and loans, credit lines, indirect auto loans, student loans, bank cards, and other lending products, in addition to various services. This segment also provides wealth administration products and professional services, counting brokerage, professional investment administration, and trust services; and family office solutions.
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