FROM STAFF REPORTS
Tenet Healthcare Corporation has entered into a definitive agreement with Orlando Health for the sale of Tenet’s 70 percent majority ownership interest in Brookwood Baptist Health in Birmingham for approximately $910 million in cash—after-tax proceeds of approximately $790 million.
The transaction will include five hospitals, including Brookwood Baptist Medical Center, Princeton Baptist Medical Center, Walker Baptist Medical Center, Shelby Baptist Medical Center, Citizens Baptist Medical Center as well as affiliated physician practices and other related operations. Brookwood Baptist Health will remain a joint venture with Baptist Health System.
Additionally, under the agreement, Tenet’s Conifer Health Solutions subsidiary will enter into a new and expanded 10-year contract to provide revenue cycle management services for the Birmingham hospitals and related operations.
“We are grateful for the partnership with Baptist Health System, which has enabled us to collectively enhance the high-quality, compassionate care that Brookwood Baptist Health offers,” said Saum Sutaria, M.D., chairman and CEO of Tenet Healthcare. “Orlando Health is an esteemed, high-performing healthcare organization with an over century-long commitment to improving the health and wellness of the communities they serve. Integration of these hospitals into their network will advance healthcare for the greater Birmingham communities.”