FRANKLIN, Tenn.--(BUSINESS WIRE)--Nov. 19, 2018--
Community Health Systems, Inc. (NYSE: CYH) announced today that
subsidiaries of the Company have signed a definitive agreement to sell
four South Carolina hospitals – 82-bed Chester Regional Medical Center
in Chester, 225-bed Springs Memorial Hospital in Lancaster, 396-bed
Carolinas Hospital System in Florence, and 124-bed Carolinas Hospital
System – Marion in Mullins – along with related businesses, including
physician clinic operations and outpatient services, to the Medical
University Hospital Authority in Charleston, S.C.
As part of the transaction, Medical University Hospital Authority will
assume the long-term lease and operations of Chester Regional Medical
Center. The transfer of the lease is subject to the consent of the
Chester County Hospital Board of Chester County, South Carolina.
The transaction is expected to close in the first quarter of 2019,
subject to customary regulatory approvals and closing conditions. The
four hospitals are among the additional planned divestitures discussed
on the Company’s third quarter 2018 earnings call.
Kaufman, Hall & Associates, LLC is acting as the exclusive financial
advisor to the Medical University Hospital Authority on this transaction.
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 115
affiliated hospitals in 20 states with an aggregate of approximately
19,000 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.
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: https://www.businesswire.com/news/home/20181119005952/en/
Source: Community Health Systems, Inc.
Thomas J. Aaron, 615-465-7000
Vice President and Chief Financial Officer
Ross W. Comeaux,
Vice President – Investor Relations
Tomi Galin, 615-628-6607
President, Corporate Communications, Marketing and Public Affairs