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COMMUNITY HEALTH SYSTEMS ANNOUNCES DEFINITIVE AGREEMENT TO SELL THREE FLORIDA HOSPITALS TO TAMPA GENERAL HOSPITAL FRANKLIN, Tenn. (

Monday, July 24, 2023 2 min read
Key Takeaway: Community Health Systems, Inc. has signed a definitive agreement to sell three Florida hospitals to Tampa General Hospital for approximately $290 million. The hospitals included in the agreement are Bravera Health Brooksville, Bravera Health Seven Rivers, and Bravera Health Spring Hill. This transaction is anticipated to close later this year, contingent upon regulatory approvals. The divestiture aligns with the company's strategy outlined in their first quarter 2023 earnings call.

Market Sentiment Analysis

POSITIVE FACTORS

  • Community Health Systems secures $290 million from the sale.
  • The sale allows focus on other operational areas and potential growth.
  • Transaction will close later this year, indicating a swift process.

Full Press Release Details

COMMUNITY HEALTH SYSTEMS ANNOUNCES DEFINITIVE AGREEMENT
TO SELL THREE FLORIDA HOSPITALS TO TAMPA GENERAL HOSPITAL
FRANKLIN, Tenn. (July 24, 2023) Community Health Systems, Inc. (NYSE: CYH) announced today that subsidiaries of the Company have signed a
definitive agreement to sell 120-bed Bravera Health Brooksville in Brooksville, Florida, 128-bed Bravera Health Seven Rivers in Crystal River, Florida, 124-bed Bravera Health Spring Hill in Spring Hill, Florida, and their associated assets to Tampa General Hospital and certain of its affiliates for cash consideration of $280 million, excluding anticipated
purchase price adjustments for net working capital and the amount of capital leases assumed by the buyer. Total cash consideration to be received, inclusive of these items, is estimated to be approximately $290 million.
The transaction is expected to close later this year, subject to customary regulatory approvals and closing conditions.
The divestiture of these hospitals is among the additional potential transactions highlighted on the Company s first quarter 2023 earnings call.
About Community Health Systems, Inc.
Health Systems, Inc. is one of the nation s largest healthcare companies. The Company s affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 43 distinct markets across
15 states. CHS subsidiaries own or lease 77 affiliated hospitals with approximately 13,000 beds and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational
medicine clinics, imaging centers, cancer centers and ambulatory surgery centers. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol CYH. The Company s
headquarters are located in Franklin, Tennessee, a suburb south of Nashville. More information about the Company can be found on its website at www.chs.net.
Community Health Systems
Tomi Galin, 615-628-6607
Executive Vice President, Corporate Communications, Marketing and Public Affairs
Community Health Systems
Kevin Hammons, 615-465-7000
President and Chief Financial Officer
Anton Hie, 615-465-7012
Vice President Investor Relations

Frequently Asked Questions

What hospitals are being sold to Tampa General Hospital?

Community Health Systems is selling Bravera Health Brooksville, Seven Rivers, and Spring Hill.

What is the total cash consideration for the hospital sale?

The cash consideration is approximately $290 million, including adjustments.

When is the transaction expected to close?

The sale is anticipated to close later this year, pending regulatory approvals.

How many hospitals does Community Health Systems own?

Community Health Systems owns or leases 77 affiliated hospitals across the U.S.

Where is Community Health Systems headquartered?

The company’s headquarters are located in Franklin, Tennessee.

Tags: CYH Viatris Investor Conferences Healthcare Florida hospitals Tampa General Hospital healthcare sale Bravera Health
Last updated: Jul 24, 2023