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May 3, 2021 11:44am
HCA Healthcare said that selling the facilities to Piedmont Healthcare will bankroll current and future investments targeting the for-profit system s core markets. The companies are targeting a July 31 close. (Getty/Martin Barraud)
HCA Healthcare has signed off on a deal to sell four of its Georgia hospitals for roughly $950 million, the Nashville, Tennessee-based health system announced this morning.
Piedmont Healthcare, an Atlanta-based not-for-profit system, is on the receiving end of the deal. It is expected to close by July 31 pending regulatory approval.
“This is an exciting opportunity for Piedmont,” Kevin Brown, president and CEO of Piedmont, said in a statement. “HCA Healthcare has instilled a high standard of care into these facilities, and we are proud that they have trusted Piedmont to continue this legacy.”
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Dive Brief:
HCA Healthcare is selling four smaller hospitals in Georgia to Piedmont Healthcare for $950 million. The transaction will increase Piedmont s hospitals by more than a third to 15 facilities, making it a powerhouse provider in the Atlanta region.
The sale appears to dovetail with HCA s strategy to focus more on outpatient and home-based procedures and healthcare services. The company suggested it would use the proceeds from the sale to focus on such initiatives.
The sale reduces HCA s holdings in Georgia to five hospitals, including the recently acquired Meadows Regional Hospital in Vidalia. However, it is a drop in the bucket for HCA, which currently operates more than 170 hospitals in the United States.