Franklin, Tenn.-based Community Health Systems has entered into a definitive agreement to sell ShorePoint Health Port Charlotte (Fla.) and certain assets of ShorePoint Health Punta Gorda to AdventHealth.
AdventHealth, a 50-plus hospital system headquartered in Altamonte Springs, Fla., plans to acquire the assets for $265 million in cash, subject to certain net working capital and other adjustments.
Due to the effects of Hurricane Helene and Hurricane Milton, the Punta Gorda hospital has indefinitely suspended inpatient operations.
The transaction is expected to close in the first quarter of 2025, subject to regulatory approvals and closing conditions.
"We are excited about the opportunity to bring whole-person care to these communities and look forward to partnering with the dedicated team members and physicians to meet the growing health care needs of Southwest Florida," AdventHealth President and CEO Terry Shaw said in a Nov. 22 news release.
Earlier this year, CHS sold two hospitals in North Carolina and one in Tennessee. It also has plans to sell three hospitals in Pennsylvania and another in Mississippi. The transactions are part of the health system's ongoing divestiture plan, which aims to take in about $1 billion from offloading assets in multiple markets.