Tenet Healthcare Corporation is selling five of its Atlanta-area hospitals to the WellStar Health System, according to an agreement announced Tuesday.
The sale is estimated to be worth between $300 and $500 million.
Atlanta Medical Center and its south campus, North Fulton Hospital, Spalding Regional Hospital and Sylvan Grove Hospital, are among those slated to be sold, in addition to 26 physician clinics.
Regulatory approvals must be completed first, which may come as early as next year.
Tenet had been looking to sell its Georgia hospitals for some time, with Piedmont Healthcare and Northside Hospital reportedly interested in buying them.
In July, Tenet and WellStar entered into exclusive, non-finding discussions for WellStar to buy five of its Georgia hospitals.
Also, as recently as June, WellStar had been in discussions about merging with Emory Healthcare in Georgia, creating an inordinately large health system in that state. Those talks reportedly broke off with no reason given.
"We are pleased that our hospitals will join a leading regional healthcare network like WellStar," Tenet Vice Chairman Keith Pitts said in a statement. "This agreement will better position these facilities for long-term success, benefiting all stakeholders."
Candice Saunders, WellStar's president and CEO, said that with the addition of Tenet's hospitals, the health system would be better able to provide world-class healthcare.
Tenet Healthcare Corporation operates 87 general acute care hospitals, 20 short-stay surgical hospitals and more than 440 outpatient centers in the United States, as well as nine facilities in the United Kingdom.