NEW YORK (
) -- Hospital operator
said it will acquire smaller rival
Vanguard Health Systems
for $4.3 billion, or $21 a share, a 70% premium to Vanguard's closing price on Friday.
The deal, which includes the assumption of $2.5 billion of debt, will allow Tenet to enter new markets, according to CEO Trevor Fetter.
In a statement, Fetter said, "This acquisition will take Tenet into new geographic markets, expand the breadth of our service offerings, diversify our earnings sources and increase the benefits we expect to realize under healthcare reform." The acquisition will give Tenet 28 acute care hospitals in markets including Boston, Chicago, Detroit, Phoenix and San Antonio.
Tenet said it expects the deal to add to earnings in the first year and generate annual savings of $100 million to $200 million. The deal is expected to close by the end of the year.
British cell phone company
agreed to buy German cable operator
for €7.7 billion ($10 billion) in its second acquisition of a European fixed-line network in the past year.
Vodafone's offer of 87 euros a share is valued at €10.7 billion when including €3 billion in net debt.
Vodafone beat out billionaire John Malone's
for Kabel; Liberty Global made a preliminary offer for the company last week.
Kabel's board is expected to recommend Vodafone's offer, according to statements by both companies.
said its Twinkies snack cakes will return to store shelves on July 15 under its new ownership.
In what the company is touting as "the sweetest comeback in the history of ever," Twinkies and sister products including CupCakes and Donettes will once again be for sale after Hostess went bankrupt last year amid a fight with its union workers, who went on a strike that crippled the company's production. Hostess is now owned by private-equity firms
Apollo Global Management
Metropoulos & Co.
The price for a 10-count box of Twinkies will remain the same at $3.99.
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-- Written by Brittany Umar
Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.