Although neither group disclosed the purchase price, Tenet Healthcare is expected to settle for a figure at less than the $260 million in annual revenue that Intracoastal produces through St. Mary's, a 460-bed facility, and Good Samaritan, a 341-bed facility.

It is uncertain whether the transaction includes four physician-office buildings on the St. Mary's campus or a single physician-office building on the Good Samaritan campus, which Intracoastal Health Systems classifies as assets. Nor is there any indication about the potential impact on the more than 2,000 employees that work at both hospitals.

One of the largest publicly owned hospital groups in the country, Tenet Healthcare acknowledges in a prepared statement that the sale price easily covers an estimated $150 million in debt that Intracoastal owes to Pennsylvania-based Catholic Health East Inc. It also announced plans to make significant investments in both hospitals.