Broadlane, the group purchasing spinoff of Tenet Healthcare Corp., has completed a $50 million-plus financing reducing Tenet's ownership to 47% from 67%. About 80% of the proceeds were used in equal parts to repay Broadlane's line of credit with Tenet and to repurchase shares that reduced Tenet's ownership, leaving Broadlane with about $10 million to finance growth. "A stronger, more independent Broadlane was always what was envisioned, and as it becomes so, it's good for us. It gives them more market power, which helps us control and manage our supply costs," Tenet spokesman Harry Anderson said. The financing, completed June 27, came from a group of investors led by Falcon Investment Advisors, Boston. The group included General Motors Investment Management Corp. on behalf of GM's pension funds, NIB Capital Private Equity and Grandview Capital Management. Credit Suisse First Boston brokered the deal. -- by Cinda Becker
Tenet's stake in Broadlane cut to minority share
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