HMA finds buyer, but at discounted price

NAPLES — Hospital operator Health Management Associates says it has agreed to be bought by Tennessee-based Community Health Systems for approximately $7.6 billion in cash and stock.

The deal means Naples will lose the headquarters of one of its blue-chip companies. Under the leadership of Chairman William Schoen, HMA has grown to include 71 hospitals in non-urban areas around the country. Its stock is publicly traded on the New York Stock Exchange.

The deal for $13.78 per HMA share is 8% less than the Naples-based hospital company's closing price of $14.92 on Monday. Community Health offered to pay $10.50 in cash and the remainder in the company's stock (symbol: CYH; recent price: $47.23). The boards of both companies have approved the deal, though 70% of HMA shareholders must also agree before the deal can close early next year.