Community Health Systems Announces Definitive Agreement to Sell Majority Interest in Home Health Division
October 17 2016 - 7:00AM
Business Wire
Community Health Systems, Inc. (NYSE:CYH) announced today that a
subsidiary of the Company has signed a definitive agreement to sell
a majority ownership interest in the Company’s Home Health division
to a subsidiary of Almost Family, Inc. (NASDAQ:AFAM).
The Company has previously announced plans to reduce and refine
its overall portfolio with proceeds being used to pay down debt.
This transaction is one of the five transactions discussed on the
Company’s second quarter 2016 earnings call.
Commenting on the announcement, Wayne T. Smith, chairman and
chief executive officer of Community Health Systems, Inc., said,
“This partnership will become a part of one of the nation’s largest
providers of home health services, with 340 branches across 26
states sharing a mutual goal of providing quality clinical services
to patients after discharge. We believe the agencies in the
Company’s Home Health division will benefit from affiliation with
an organization specializing in home health care. The transaction
also advances our strategy to focus on a more sustainable and
successful portfolio of hospitals and regional healthcare
systems.”
The transaction is expected to close in the fourth quarter of
this year, subject to customary regulatory approvals and closing
conditions.
About Community Health Systems, Inc.
Community Health Systems, Inc. is one of the largest publicly
traded hospital companies in the United States and a leading
operator of general acute care hospitals in communities across the
country. The Company, through its subsidiaries, owns, leases or
operates 158 affiliated hospitals in 22 states with an aggregate of
nearly 27,000 licensed beds. The Company’s headquarters are located
in Franklin, Tennessee, a suburb south of Nashville. Shares in
Community Health Systems, Inc. are traded on the New York Stock
Exchange under the symbol “CYH.” More information about the Company
can be found on its website at www.chs.net.
Forward-Looking Statements
Statements contained in this news release regarding potential
transactions, operating results, and other events are
forward-looking statements that involve risk and uncertainties.
Actual future events or results may differ materially from these
statements. Readers are referred to the documents filed
by Community Health Systems, Inc. with
the Securities and Exchange Commission, including the
Company’s annual report on Form 10-K, current reports on Form 8-K
and quarterly reports on Form 10-Q. These filings identify
important risk factors and other uncertainties that could cause
actual results to differ from those contained in the
forward-looking statements. The Company undertakes no obligation to
revise or update any forward-looking statements, or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20161017005343/en/
Community Health Systems, Inc.Investor Contact:W. Larry
Cash, 615-465-7000President of Financial Services and Chief
Financial OfficerorMedia Contact:Tomi Galin,
615-628-6607Senior Vice President, Corporate Communications,
Marketing and Public Affairs
Community Health Systems (NYSE:CYH)
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