Community Health Systems, Inc. (NYSE: CYH) has announced the finalization of an agreement to sell Tennova Healthcare – Cleveland in Cleveland, Tennessee and related businesses to affiliates of Hamilton Health Care System, Inc. for $160 million in cash. The deal is subject to adjustments for net working capital and other factors, with the possibility of additional consideration based on potential changes to supplemental reimbursement programs.
This hospital is one of the potential divestitures that were previously mentioned in the Company’s fourth quarter and year-end 2023 earnings call. The transaction is expected to be completed in the third quarter of this year pending regulatory approvals and closing conditions.
Community Health Systems, Inc. is a major healthcare company with affiliates providing services in 40 markets across 15 states. The Company’s subsidiaries own or lease 71 affiliated hospitals with around 12,000 beds and operate over 1,000 sites of care including physician practices, urgent care centers, and more. The headquarters of the Company is located in Franklin, Tennessee, south of Nashville. Shares of Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” For more information, visit their website at www.chs.net.
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Kevin Hammons
President and Chief Financial Officer
Phone: (615) 465-7000
Anton Hie