Thursday, June 21, 2018
Business

Deal reached for sale of Bayfront Health System parent Health Management Associates to Tennessee company

As expected, Tennessee-based Community Health Systems announced Tuesday morning that it had agreed to purchase Health Management Associates of Naples, owner of St. Petersburg's Bayfront Health System. The deal was valued at $3.9 billion. Community would also assume $3.7 billion in HMA debt.

The two hospital chains had been in talks for weeks, with rumors swirling that HMA — which had only finalized its purchase of the formerly independent hospital Bayfront in April — would be acquired.

The deal was subject to approval by a 70 percent vote of Health Management's stockholders.

"This compelling transaction provides a strategic opportunity to form a larger company with a diverse portfolio of hospitals that is well positioned to realize the benefits of health care reform and to address the changing dynamics of our industry," Franklin-based Community Health Systems CEO Wayne T. Smith said in a statement.

William J. Schoen, HMA chairman, stated: "This agreement represents the successful conclusion of the strategic review process that our board of directors commenced at the end of last year, during which we evaluated several alternatives, including remaining independent and potential transactions with other strategic parties. Our agreement with CHS provides substantial value to our shareholders. We are pleased that this combination will create an even stronger organization for the benefit of our patients, physicians, associates and the communities we serve."

Both hospital chains face ongoing federal investigations.

Community Health disclosed earlier this month it had received a subpoena from the Justice Department as part of a continuing investigation into certain admissions practices at its hospitals. And HMA has indicated the Department of Health and Human Services and the Justice Department have been investigating the company, focusing on physician referrals and the medical necessity of emergency-room tests and certain patient admissions. The company in April received a Securities and Exchange Commission subpoena related to matters including billing write-downs and contractual adjustments.

Comments
Armature Works developers sue Ulele and city of Tampa over use of nearby building

Armature Works developers sue Ulele and city of Tampa over use of nearby building

TAMPA — Two of the city’s hottest developers — the companies behind Ulele and the Armature Works — are heading to court over control of an old city building that sits between the hit eateries.Both want to redevelop the city’s former office of cable c...
Updated: 17 minutes ago
WTR Pool and Grille brings ‘fun dining’ pool party scene to Tampa

WTR Pool and Grille brings ‘fun dining’ pool party scene to Tampa

Mike Piper has traveled to Las Vegas and Miami and enjoyed the fun, daytime, party pool scene that the two cities have to offer.Now he aims to bring that same atmosphere to Tampa with a new dining and hang out spot. WTR Pool & Grill opened on Sunday ...
Updated: 2 hours ago
Grace Family Church gives thrift stores an upgrade in South Tampa

Grace Family Church gives thrift stores an upgrade in South Tampa

A new resale store has made its way to South Tampa. Grace Family Church recently opened Vintage Etc., to provide affordable, quality merchandise to the community and continue its outreach to help families in need in a loving Christian environment. "W...
Updated: 2 hours ago
2.4 million Floridians expected to travel for Fourth of July

2.4 million Floridians expected to travel for Fourth of July

Summer has officially started and so have summer travel plans. About 2.4 million Floridians are expected to travel for the Fourth of July holiday weekend, up 6.3 percent from last year, according to AAA, The Auto Club Group."We are already seeing a b...
Updated: 2 hours ago
Taylor Morrison builds in Wesley Chapel

Taylor Morrison builds in Wesley Chapel

Taylor Morrison will build a new subdivision off of Boyette Road between Wesley Chapel Boulevard and Overpass Road.The builder and developer recently broke ground on Chapel Chase, set on approximately 40 acres just north of New Tampa in Pasco County....
Updated: 3 hours ago
Grain and Berry Cafe to bring its healthy menu to USF area

Grain and Berry Cafe to bring its healthy menu to USF area

Grain & Berry Cafe opened in Palm Harbor, and now the healthy eatery is rapidly expanding throughout the Tampa Bay area.The healthy eatery opened a new location on E Fowler Ave near the University of South Florida in May, just 10 months after opening...
Updated: 3 hours ago
Domain Homes: Buyers love them, some others don’t

Domain Homes: Buyers love them, some others don’t

TAMPA — When the 2008 financial crash brought down the nation’s housing market, hundreds of home builders went out of business. Among them was Sharon McSwain Homes in Atlanta, forced to liquidate in 2009.But just as developers like to develop, builde...
Updated: 3 hours ago
Supreme Court: Online shoppers can be forced to pay sales tax

Supreme Court: Online shoppers can be forced to pay sales tax

WASHINGTON — The Supreme Court says states can force online shoppers to pay sales tax.The 5-4 ruling Thursday is a win for states, who said they were losing out on billions of dollars annually under two decades-old Supreme Court decisions that impact...
Updated: 4 hours ago
Former employee sued by Tesla says he was a whistleblower

Former employee sued by Tesla says he was a whistleblower

Tesla sued a former employee Wednesday, accusing the man of hacking the automaker’s computer systems and stealing company secrets, shedding light on what chief Elon Musk had suggested was the work of a secretive internal saboteur.But the employee, Ma...
Updated: 5 hours ago
Orlando airport first to scan faces of U.S. citizens on international flights

Orlando airport first to scan faces of U.S. citizens on international flights

ORLANDO — Florida’s busiest airport is becoming the first in the nation to require a face scan of passengers on all arriving and departing international flights, including U.S. citizens, according to officials there. The expected announcement Thursda...
Updated: 6 hours ago