Dallas-based Tenet Healthcare completed the sale of five hospitals in Florida, the organization said Aug. 2.
The hospitals included in the sale are Coral Gables Hospital, Florida Medical Center in Lauderdale Lakes, Hialeah Hospital, North Shore Medical Center in Miami and Palmetto General Hospital in Hialeah.
Tenet signed a definitive agreement in June to sell the hospitals to Dallas-based Steward Health Care for $1.1 billion.
The transaction expands Steward's network to 44 hospitals worldwide and more than doubles its presence in Florida.
"Steward Health Care takes a physician’s approach to patient care. Everything we do is about improving our patients' well-being, which requires not only tailoring care to each patient, but also learning from and engaging with every community we serve," said Steward Founder and CEO Ralph de la Torre, MD, who grew up in Florida. "I am humbled by the opportunity to expand our footprint in my beloved home state. We know there are health challenges here and we are eager to work with local leaders to address them together."
Now that the transaction is complete, Medical Properties Trust plans to acquire the associated hospital real estate for $900 million and enter a sale leaseback transaction with Steward.