Dive Brief:
- Community Health Systems has inked a deal to sell its stakes in two joint ventures to Vanderbilt University Medical Center for $600 million, according to a Thursday news release.
- Under the deal, VUMC will acquire the remaining 80% stake in the joint ventures, which own and operate 270-bed Tennova Healthcare-Clarksville in Tennessee and other ancillary businesses. Vanderbilt currently owns a 20% stake in the joint venture.
- The deal is expected to close early next year, subject to regulatory approvals and closing conditions, the companies said.
Dive Insight:
Should the deal be approved, Tennova Healthcare will become VUMC’s fourth regional medical center, joining Wilson County Hospital, Tullahoma-Harton Hospital and Bedford Hospital — all based in Tennessee. Vanderbilt operates seven hospitals.
VUMC was interested in the hospital in part due to population growth in Clarksville, according to the news release. The city has a population of 200,000 and is Tennessee’s fifth largest city.
The health system says it plans to hire all Tennova Healthcare-Clarksville employees who are in good standing once the deal is finalized…