Community Health Systems Announces Definitive Agreement to Divest Four Pennsylvania Hospitals
March 14 2017 - 4:15PM
Business Wire
Community Health Systems, Inc. (NYSE:CYH) announced today that
subsidiaries of the Company have signed a definitive agreement to
sell four Pennsylvania hospitals and their associated assets to
subsidiaries of PinnacleHealth System. Hospitals included in the
transaction are 100-bed Memorial Hospital of York in York, 214-bed
Lancaster Regional Medical Center in Lancaster, 148-bed Heart of
Lancaster Regional Medical Center in Lititz and 165-bed Carlisle
Regional Medical Center in Carlisle.
The transaction is expected to close in the summer of 2017,
subject to customary regulatory approvals and closing conditions.
The four hospitals included in this transaction are part of the 25
planned hospital divestitures discussed on the Company’s fourth
quarter and year-end 2016 earnings call.
Kaufman, Hall & Associates, LLC is acting as the exclusive
financial advisor to PinnacleHealth on this transaction, and McNees
Wallace & Nurick LLC is acting as its legal counsel.
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
approximately 26,000 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/20170314006399/en/
Investor Contacts:W. Larry Cash, 615-465-7000President of
Financial Services and Chief Financial OfficerorRoss W. Comeaux,
615-465-7012Senior Director – Investor RelationsorMedia
Contact:Tomi Galin, 615-628-6607Senior Vice President,
CorporateCommunications, Marketing and Public Affairs
Community Health Systems (NYSE:CYH)
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