Tenet Healthcare Corp. announced on Monday that it has closed the deal to acquired Nashville-heaquartered Vanquard Health Systems. The buyout, worth $4.3 billion, included a $2.5 billion debt cost from Vanguard Health System. The deal was set at $21 for every share in all cash transactions.

Tenet Healthcare chose Lazard as its advisor to the deal. Also, as part of the acquisition, Vanguard's Chief Executive Officer and founder Charlie Martin will join Tenet Healthcare's board of directors.

The Blackstone Group holds a minority stake in the healthcare solutions firm.

Trevor Fetter, President and Chief Executive Officer of Tenet, commented on the buyout. "This unique strategic transaction will bring together organizations that share a common commitment to providing high quality care and create significant new growth prospects for Tenet," he 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. This acquisition will also include a substantial contribution from the application of Conifer's capabilities to Vanguard's operations. We expect additional financial contributions to come from supply costs savings and labor management efficiencies," added Fetter.

Vanguard's legal counsel to the deal were Skadden, Arps, Slate, Meagher & Flom while JP Morgan acted as strategic advisor.