Community Health Systems (CHS) has reached a definitive deal to divest three of its Florida hospitals and their related assets to non-profit health system Tampa General Hospital (TGH) for $280m in cash.
These hospitals are Bravera Health Brooksville, Bravera Health Seven Rivers, and Bravera Health Spring Hill.
In a statement, CHS said that the $280m deal price does not include “anticipated purchase price adjustments for net working capital and the amount of capital leases assumed by the buyer”.
Taking these items into account, the consideration is projected to be approximately $290m.
This sale follows a series of losses incurred by CHS. For the first three months of 2023, it posted a loss of $51m on revenues of $3.1bn.
The 120-bed Bravera Health Brooksville provides a range of services such as orthopaedics, emergency medicine, cardiology, general surgery, and cardiac catheterisation.
With a bed capacity of 128, Bravera Health Seven Rivers provides women's services, vascular and general surgery, plastic surgery, urology, and occupational and speech therapy services, among others.
Bravera Health Seven Rivers services offers cardiology, urology, robotic-assisted general, gynaecologic, and bariatric surgeries.
This hospital, which has 124 beds, also comprises an orthopaedic bone and joint centre.
The transaction awaits regulatory clearance and is scheduled for completion later in 2023.
It expands TGH's Florida presence, presently covering Tampa Bay to Palm Beach. The company is an affiliate of Florida Health Sciences Center.
Florida Health Sciences Center president and CEO John Couris stated: “With this acquisition, TGH is not only expanding its geographic footprint to meet the needs of our state’s growing population, but TGH is also increasing access for Floridians to the world-class rare and complex specialised care we offer.”
CHS currently operates in 43 markets across 15 states.
Its subsidiaries own or lease 77 affiliated hospitals, with a total of nearly 13,000 beds, and manage over 1,000 sites of care.
