Community Health Systems Announces Definitive Agreement to Divest Two Washington Hospitals
December 13 2016 - 4:15PM
Business Wire
Community Health Systems, Inc. (NYSE:CYH) announced today that
subsidiaries of the Company have signed a definitive agreement to
sell two Washington hospitals, 214-bed Yakima Regional Medical
& Cardiac Center in Yakima and 63-bed Toppenish Community
Hospital in Toppenish, to Sunnyside Community Hospital &
Clinics for approximately $45 million including working
capital.
Commenting on the announcement, Wayne T. Smith, chairman and
chief executive officer of Community Health Systems, Inc., said,
“The Yakima and Toppenish hospitals are valued community resources
that will benefit from alignment with another regional provider. We
are making progress with our strategic objective to divest a number
of properties to focus on a more sustainable portfolio of hospitals
and networks for the future.”
The transaction is expected to close in the second quarter of
2017, subject to customary regulatory approvals and closing
conditions. This transaction is one of the seven transactions
discussed on the Company’s third quarter 2016 earnings call. The
Company will apply proceeds of the transaction to pay down
debt.
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 StatementsStatements 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/20161213006119/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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