Glenview Capital Adds to EVERTEC & Tenet Healthcare Stakes ~ market folly

Friday, December 20, 2013

Glenview Capital Adds to EVERTEC & Tenet Healthcare Stakes

Larry Robbins' hedge fund Glenview Capital filed a 13G and a Form 4 with the SEC disclosing some of their latest portfolio activity.

Glenview Adds to EVERTEC

Their 13G reveals activity in shares of EVERTEC (EVTC).  Per the filing, Glenview now owns 5.64% of the company with over 4.4 million shares.

This means they've doubled their stake since the end of the third quarter, when they initially built their position.  EVTC IPO'd in Q2 of this year.

Glenview's filing was required due to portfolio activity on December 9th.

Apollo has been the largest institutional shareholder, but one of its affiliates recently announced it would be selling 15.2 million shares in a secondary.  Other hedge funds are involved such as Corvex Management, Marble Arch Investments, and Pine River Capital.

Per Google Finance, EVERTEC is "formerly Carib Latam Holdings, Inc., is a full service transaction processing business in Latin America and the Caribbean. The Company provides a range of merchant acquiring, payment processing and business process management services across 19 countries in the region. It processes over 1.8 billion transactions annually, and manages the electronic payment network for over 4,100 automated teller machines (ATM) and over 104,000 point-of-sale payment terminals. It is the merchant acquirer in the Caribbean and Central America and in Latin America. The Company owns and operates the ATH network, one of ATM and personal identification number debit networks in Latin America. In addition, it provides a suite of services for core bank processing, cash processing and technology outsourcing. It serves a diversified customer base of financial institutions, merchants, corporations and government agencies with technology solutions."

Glenview Buys More Tenet Healthcare

Robbins' fund also filed a Form 4 with the SEC and disclosed purchases in shares of Tenet Healthcare (THC) on December 17th & 18th.  In total, they bought 1 million shares at weighted average prices between $39.30 and $41.20.

After this purchase, they now own 12.9 million shares of THC.  This has been a longstanding (and highly profitable) investment for the hedge fund.

Robbins also recently made a rare media appearance to talk about healthcare and for-profit hospitals.

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