07:19 AM EDT, 08/05/2024 (MT Newswires) -- Tenet Healthcare ( THC ) said Monday it has entered into a definitive agreement to sell its 70% majority ownership interest in Brookwood Baptist Health in Birmingham to Orlando Health for about $910 million in cash.

The transaction will include five hospitals - 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, the company said.

Tenet's Conifer Health Solutions subsidiary will also enter a new and expanded ten-year contract to provide revenue cycle management services for the Birmingham hospitals and related operations as part of the agreement.

The transaction is expected to be completed in fall. The company's shares were down more than 2% in recent Monday prmarket activity.

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