Community Health Systems Completes Divestiture of Three Florida Hospitals to Tampa General Hospital

Rhea-AI Summary

Community Health Systems, Inc. (NYSE: CYH) completes the divestiture of three hospitals and associated assets in Florida, generating $294 million in cash.

FRANKLIN, Tenn.--(BUSINESS WIRE)-- Community Health Systems, Inc. (NYSE: CYH) announced today that certain subsidiaries of the Company have completed the divestiture of Bravera Health Brooksville (120 licensed beds) in Brooksville, Florida, Bravera Health Spring Hill (124 licensed beds) in Spring Hill, Florida, and Bravera Health Seven Rivers (128 licensed beds) in Crystal River, Florida, along with their associated assets, physician clinic operations and outpatient services, to Tampa General Hospital and certain of its affiliates for approximately $294 million in cash, inclusive of estimated working capital and other purchase price adjustments. The transaction is effective December 1, 2023.

About Community Health Systems, Inc.

Community 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 40 distinct markets across 15 states. CHS subsidiaries own or lease 71 affiliated hospitals with approximately 12,000 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.

The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” More information about the Company can be found on its website at www.chs.net.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231201643611/en/

Media Contacts:

Community Health Systems

Tomi Galin, 615-628-6607

Executive Vice President, Corporate Communications, Marketing and Public Affairs

Investor Contacts:

Community Health Systems

Kevin Hammons, 615-465-7000

President and Chief Financial Officer

Anton Hie, 615-465-7012

Vice President – Investor Relations

Source: Community Health Systems, Inc.

FAQ

What did Community Health Systems, Inc. (NYSE: CYH) announce today?

Community Health Systems, Inc. (NYSE: CYH) announced the completion of the divestiture of three hospitals and associated assets in Florida.

How much cash did the divestiture generate for Community Health Systems, Inc. (NYSE: CYH)?

The divestiture generated approximately $294 million in cash for Community Health Systems, Inc. (NYSE: CYH).

When did the transaction become effective?

The transaction became effective on December 1, 2023.

How many licensed beds were included in the divestiture?

The divestiture included a total of 372 licensed beds across the three hospitals in Florida.

Who were the buyers of the hospitals and associated assets?

Tampa General Hospital and certain of its affiliates were the buyers of the hospitals and associated assets.

Where were the hospitals located?

The hospitals were located in Brooksville, Spring Hill, and Crystal River, Florida.