Community Health Systems has agreed to sell three Florida hospitals to Tampa General Hospital in a deal valued at about $290 million, the for-profit system announced Monday.
The transaction, expected to close later this year, includes Bravera Health Brooksville in Brooksville, Bravera Health Seven Rivers in Crystal River, and Bravera Health Spring Hill in Spring Hill. The deal is subject to regulatory approval.
Franklin, Tennessee-based Community Health continues to cut costs by reducing its footprint, which includes nearly 80 affiliated hospitals and more than 1,000 other care sites. President and Chief Financial Officer Kevin Hammons told investors on a February earnings call the system was in ongoing discussions about potential deals.
“We believe these transactions, if they come to fruition, will provide opportunities to further pay down debt as well as allow opportunities to reinvest resources to areas of our portfolio to advance their long-term growth in earnings,” Hammons said on the call.
In May, Community Health reported a first-quarter net loss of $51 million, or 40 cents per share, compared with a $1 million net loss, or 1 cent per share, in the prior-year period, as it struggled with changes to payer mix and higher specialist fees.