Community Health to sell three Florida hospitals to Tampa General Hospital

Community Health Systems announced 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 $280M, 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 $290M. The transaction is expected to close later this year, subject to customary regulatory approvals and closing conditions.