Tenet to sell five Brookwood Baptist Health hospitals for $910 million (updated)

Tenet Healthcare

05/08/2024 12:46

(Adds details throughout)
       Aug 5 (Reuters) - Tenet Healthcare  THC.N  will sell its
majority ownership in Brookwood Baptist Health in Birmingham,
Alabama, for about $910 million to not-for-profit healthcare
organization Orlando Health, the U.S. hospital operator said on
Monday.
    The sale of its 70% interest includes five hospitals as well
as affiliated physician practices and other related operations.
    Tenet expects to record a pre-tax gain of about $375 million
from the transaction, likely to be completed in the fall of
2024.
    The company had in 2015 signed an agreement with Baptist
Health System to gain access to Shelby Baptist, Citizens
Baptist, Princeton Baptist, and Walker Baptist medical centers
as well as 77 primary and specialty care clinics.  
    Brookwood Baptist Health will remain a joint venture with
Baptist Health System, Tenet added.
    Tenet's Conifer Health Solutions unit will enter into a new
and expanded 10-year contract to provide management services for
Birmingham hospitals and related operations as part of the deal.

    

 (Reporting by Mariam Sunny in Bengaluru; Editing by Sonia
Cheema and Sriraj Kalluvila)
 ((Mariam.ESunny@thomsonreuters.com;))