Health Management Associates sells stake in seven hospitals

Hospital owner and operator Health Management Associates Inc. has sold a 27 percent stake in seven of its hospitals in North and South Carolina to Novant Health for $300 million. Health Management will use the deal's proceeds for general corporate purposes. The company expects net after-tax proceeds greater than 90 percent of the purchase price. Health Management and Novant have formed a joint venture to share responsibilities in corporate operations of the seven hospitals, but Health Management will continue to manage the facilities.