COMMUNITY HEALTH SYSTEMS INC (CYH): M&A transaction — Community Health Systems completes sale of three Florida hospitals to Tampa General for $294M cash

COMMUNITY HEALTH SYSTEMS INC

Divested Bravera Health hospitals: Brooksville (120 beds), Spring Hill (124 beds), and Seven Rivers (128 beds).
Preliminary purchase price of ~$294M cash, after working capital adjustments; transaction effective Dec. 1, 2023.
Pro forma gain on sale of $72M pre-tax ($61M net); net loss attributable to CHS stockholders widens by $19M for 9M ended Sep 30, 2023.
Pro forma net operating revenues reduced by $228M (9M 2023) and $271M (FY 2022) from eliminated hospital operations.
Sale excludes discontinued operations treatment; cash proceeds will be reflected on balance sheet as cash and accumulated deficit adjustment.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.99

COMMUNITY HEALTH SYSTEMS INC completed a disposition involving Florida Health Sciences Center, Inc. and certain of its affiliates for approximately $294 million in cash (closed 2023-12-01).

Action: disposition
Counterparty: Florida Health Sciences Center, Inc. and certain of its affiliates
Consideration: approximately $294 million in cash
Closing: 2023-12-01

Exact text from the filing

connection with the Transaction at a preliminary closing on November 30, 2023, after giving effect to estimated working capital and purchase price adjustments, was approximately $294 million in cash. The Purchase Agreement is attached as Exhibit 2.1 (which is incorporated by reference herein) in accordance with the rules of the Securities and Exchange Commission. The

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Source: SEC EDGAR

accession 0000950170-23-067384

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