AdventHealth acquired Community Health Systems-owned ShorePoint Health System Saturday.
The $260 million deal involved ShorePoint Health Port Charlotte in Florida, certain assets of ShorePoint Health Punta Gorda and other businesses related to these facilities, according to a Monday press release from CHS.
Related: Community Health Systems to sell ShorePoint operations for $265M
The transaction includes the Punta Gorda land, plus physician clinics, outpatient services and the Cape Coral freestanding emergency department, AdventHealth said in a separate press release.
Altamonte Springs, Florida-based AdventHealth and CHS signed a definitive agreement in November.
ShorePoint's Punta Gorda hospital closed last year after sustaining major hurricane damage. AdventHealth said it plans to assess the best way to provide care to the Punta Gorda community.
AdventHealth said it is rebranding the Port Charlotte hospital and related facilities, bringing on more than 1,300 employees and more than 80 providers into the system.
Adam Johnson, most recently the chief operating officer at AdventHealth Ocala, was tapped to lead the Port Charlotte operations and the freestanding emergency department. He will report to David Ottati, president and CEO at AdventHealth West Florida.
AdventHealth operates more than 50 hospitals, including six under joint venture agreements, across nine states.
CHS, which operates roughly 70 hospitals and more than 1,000 care sites, has been selling off assets in recent years to bolster its financial standing. The for-profit system is also on track to sell Lake Norman Regional Medical Center in Mooresville, North Carolina, to Duke Health for about $280 million in the first quarter. More divestitures are coming, President and Chief Financial Officer Kevin Hammons said on the company's fourth-quarter earnings call in February.
CHS sold two hospitals in 2024. Tennova Healthcare-Cleveland in Tennessee was sold to Vitruvian Health in August, while Davis Regional Medical Center in Statesville, North Carolina, was sold to Iredell Health System in October. Proposed deals with Novant Health and WoodBridge Healthcare fell through.
The ShorePoint deal, plus the pending Lake Norman transaction and others in the pipeline, would collectively generate more than $1 billion in proceeds, Hammons said on the earnings call.
Franklin, Tennessee-based CHS reported a net loss of $516 million, or $3.90 per diluted share, in 2024, compared with a net loss of $133 million, or $1.02 per share, in 2023.
