FRANKLIN, Tenn.--(BUSINESS WIRE)--Mar. 14, 2017--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170314006399/en/
Source: Community Health Systems, Inc.
Investor Contacts:
W. Larry Cash, 615-465-7000
President
of Financial Services and Chief Financial Officer
or
Ross W.
Comeaux, 615-465-7012
Senior Director – Investor Relations
or
Media
Contact:
Tomi Galin, 615-628-6607
Senior Vice President,
Corporate
Communications, Marketing and Public Affairs
