Nashville, Tenn.-based Hospital Corp. of America and Franklin, Tenn.-based IASIS Healthcare have signed a definitive agreement, in which HCA will buy the three hospitals IASIS owns in Florida.
Financial terms of the deal were not disclosed. The three Florida hospitals HCA will acquire are 307-bed Palms of Pasadena Hospital in St. Petersburg, 183-bed Memorial Hospital of Tampa and 201-bed Town and Country Hospital, also in Tampa. The hospitals will become part of HCA West Florida, a division of HCA that currently has 38 hospitals and 51,000 employees.
IASIS President and CEO Carl Whitmer did not specify why his company decided to sell the three hospitals other than citing "ongoing changes in the healthcare industry" and evolving care delivery models. After the sale is finalized, IASIS will own 16 acute-care hospitals with no presence in Florida. HCA will own 165 hospitals.
The transaction requires regulatory approval, but HCA and IASIS executives expect it to close by the end of 2013.
More Articles on Hospital Transactions:
Report: CHS, HCA, LifePoint Interested in Buying HMA
HMA Selected to Lease Bert Fish Medical Center
Tenet to Acquire Vanguard for $4.3B