Tenet Healthcare Corp., Santa Barbara, Calif., said it signed a definitive agreement to sell five hospitals to Health Management Associates for $515 million. HMA, Naples, Fla., said the hospitals, in Florida, Missouri and Tennessee have a combined net patient revenue of $400 million. The deal, expected to close by Dec. 31, is the first sale under Tenet's previously announced plan to divest 14 hospitals. At least two of the 14 hospitals are slated to close. Tenet said negotiations continue to sell the remaining seven. The hospitals to be bought by HMA are: 137-bed Harton Regional Medical Center, Tullahoma, Tenn.; 128-bed Seven Rivers Community Hospital, Crystal River, Fla.; 294-bed Three Rivers Healthcare, Poplar Bluff, Mo.; 116-bed Twin Rivers Regional Medical Center, Kennett, Mo.; and 258-bed University Medical Center, Lebanon, Tenn. The sale is subject to regulatory approvals. Not including the deal announced today, HMA operates 46 hospitals and Tenet owns and operates 114 hospitals. -- by Vince Galloro
HMA to buy five Tenet hospitals for $515 million
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