Community Health Systems to Sell Florida Facilities for $265M

By Bobby Samwell • Saturday, November 23 10:19 • Permanent Link

Community Health Systems, Inc. (NYSE: CYH) has announced the definitive agreement to sell ShorePoint Health Port Charlotte in Port Charlotte, Florida, certain assets of ShorePoint Health Punta Gorda, in Punta Gorda, Florida, and certain ancillary businesses related to such facilities to subsidiaries of Adventist Health System Sunbelt Healthcare Corporation (AdventHealth) for $265 million in cash. The transaction is expected to close in the first quarter of 2025, subject to regulatory approvals and closing conditions.

As a result of the effects of Hurricane Helene and Hurricane Milton, the Punta Gorda hospital has indefinitely suspended inpatient operations. This transaction is among the additional potential divestitures discussed on the Company’s third quarter 2024 earnings call and in subsequent public appearances.

Community Health Systems, Inc. is one of the nation’s largest healthcare companies, with affiliates that are leading providers of healthcare services in 39 distinct markets across 15 states. The Company’s subsidiaries own or lease 69 affiliated hospitals with more than 11,000 beds and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers, and ambulatory surgery centers.

Cain Brothers, a division of KeyBanc Capital Markets, served as the exclusive financial advisor to AdventHealth on this transaction. The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” Following these announcements, the company's shares moved -2.7%, and are now trading at a price of $3.65. Check out the company's full 8-K submission here.

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