Franklin, Tennessee, July 30, 2024–(BUSINESS WIRE)–Community Health Systems, Inc. (NYSE: CYH) today announced that a subsidiary of the company has entered into a definitive agreement to sell three Pennsylvania hospitals (the 186-bed Regional Hospital and the 122-bed Moses Taylor Hospital in Scranton and the 369-bed Wilkes-Barre General Hospital in Wilkes-Barre) and certain related businesses to an affiliate of Woodbridge Healthcare for $120 million, which includes a $10 million upfront payment for services provided under an information technology transition services agreement, subject to adjustments for the assumption of capital/finance leases and net working capital.
The transaction is expected to close in the fourth quarter of this year, subject to customary regulatory approvals and closing conditions.
The hospitals included in the transaction are among additional potential divestitures discussed during the company’s second-quarter 2024 earnings call.
About Community Health Systems, Inc.
Community Health Systems, Inc. is one of the largest health care companies in the United States. The company’s affiliates are leading providers of health care services and have developed and operate health care delivery systems in 40 different markets in 15 states. The company’s subsidiaries own or lease 71 affiliated hospitals with more than 11,000 beds and operate more than 1,000 medical facilities, including physician offices, urgent care centers, freestanding emergency departments, occupational medicine clinics, diagnostic imaging centers, cancer centers and ambulatory surgery centers.
The company is headquartered in Franklin, Tennessee, a south suburb of Nashville. Community Health Systems, Inc.’s stock trades on the New York Stock Exchange under the symbol “CYH.” For more information about the company, please visit the company’s website at www.chs.net.
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