Community Health Systems agreed Tuesday to pay $3.6 billion in cash and stock for Naples-based Health Management Associates, which will give Bayfront Medical Center in St. Petersburg a new owner.
The combination of the two for-profit chains will total 206 hospitals in 29 states, the New York Times reports.
Its impact on Florida is huge: HMA owns 23 hospitals and scores of clinics in the state. In addition, it has a clinical affiliation with University of Florida and recently signed letters of intent to lease Munroe Regional Medical Center in Ocala and Bert Fish Medical Center in New Smyrna Beach.
The deal, including assumption of debt, is valued at $7.6 billion, the Times reports. The cash price for stock is below the current trading value, but that value had a recent run-up amid rumors of a sale.
Both HMA and Community Health Systems are under scrutiny from the U.S. Justice Department over patient admissions practices.
