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February 6, 2013
09:06 EDTHMAHealth Management announces agreement to partner with Bayfront Health System
Health Management Associates announced that a subsidiary has executed a definitive agreement to partner with the 480-bed Bayfront Health System, located in St. Petersburg, Florida. The transaction is subject to the execution of a lease agreement between the partnership and the City of St. Petersburg, as well as customary regulatory approvals. As part of the joint venture, Health Management will acquire an 80% interest in Bayfront Health System, and introduce an affiliation with ShandsHealthCare, part of UF&Shands, the University of Florida Academic Health Center. Although terms of the transaction have not been disclosed, net proceeds of approximately $150M will be invested in the new Bayfront HERO Foundation. This foundation will invest in research and education in partnership with Bayfront Health System, Johns Hopkins/All Children’s Healthcare and other healthcare and academic partners. Bayfront HERO will invest in a 20% ownership stake in the partnership.
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