Tampa General Hospital, one of the area’s largest and leading academic health systems, will acquire three Florida hospitals in the Bravera Health network.
TGH has signed a definitive agreement with parent company Tennessee-based Community Health Systems Inc. (NYSE: CYH) to acquire the not-for-profit hospitals and facilities in Brooksville, Crystal River and Spring Hill. The deal also encompasses the related physician clinic operations and outpatient services.
According to a Monday release from Community Health Systems, the “total cash consideration to be received, inclusive of these items, is estimated to be approximately $290 million.”
The transaction is expected to close later this year.
“With this acquisition, TGH is not only expanding its geographic footprint to meet the needs of our state’s growing population, but TGH is also increasing access for Floridians to the world-class rare and complex specialized care we offer,” TGH CEO and President John Couris said in a prepared statement.
CHS previously announced the potential divestiture of the local hospitals during a first-quarter earnings call. At that time, the system announced it earned a revenue of $3.1 billion, which represented a $51 million net loss.
TGH executives declined to provide additional information as the deal is pending regulatory approvals.
Bravera Health provided care to more than 300,000 patients last year. Its 120-bed health care facility in Brooksville offers emergency medicine, orthopedics, cardiology, cardiac catheterization, general surgery and outpatient physical, occupational and speech therapy rehab centers. Its 124-bed Spring Hill location has a focus on women’s services such as neonatology and the 128-bed Seven Rivers campus in Citrus County has a dedicated orthopedic bone and joint center.
TGH currently serves critically injured or ill patients from 23 counties across Florida and the new acquisition will further its suite of surgeries and medical programs.
TGH serves as the primary teaching hospital for the University of South Florida’s Health Morsani College of Medicine in downtown Tampa. Over 700 residents and fellows are assigned to TGH for specialty training each year.
“Tampa General Hospital is a well-respected health care system with a demonstrated commitment to delivering quality care to the patients they serve across the communities they serve,” Bravera Health Seven Rivers CEO Linda Stockton said in a statement. “Our tradition of delivering medical services close to home will continue thanks to the dedication and skill of our medical staff and employees.”
CHS subsidiaries own or lease 77 affiliated hospitals across 15 states. After the sale, CHS will continue to operate seven hospitals in Florida, according to CHS’ website.