CHS signs definitive agreement to sell three Florida hospitals to Tampa General for ~$290M cash

COMMUNITY HEALTH SYSTEMS INC

Assets include 120-bed Bravera Health Brooksville, 124-bed Spring Hill, and 128-bed Seven Rivers hospitals.
Base purchase price $280M, expected total cash consideration ~$290M including working capital and lease adjustments.
Transaction expected to close in Q4 2023, subject to HSR clearance and Hernando County lease assignment.
Divestiture was previously highlighted on the Q1 2023 earnings call as part of portfolio optimization.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

COMMUNITY HEALTH SYSTEMS INC entered into Asset Purchase Agreement with Florida Health Sciences Center, Inc. valued at approximately $280 million in cash (effective 2023-07-24).

Action: entry
Agreement: asset purchase
Counterparty: Florida Health Sciences Center, Inc.
Value: approximately $280 million in cash
Effective: 2023-07-24

Exact text from the filing

On July 24, 2023, certain subsidiaries (the “CHS Selling Entities”) of Community Health Systems, Inc. (the “Company”), entered into an Asset Purchase Agreement (“Purchase Agreement”) with Florida Health Sciences Center, Inc., a Florida non-profit corporation and certain of its affiliates (collectively, “Purchaser”).

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COMMUNITY HEALTH SYSTEMS INC filing history →

Source: SEC EDGAR

accession 0001193125-23-193446

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