Community Health Systems, Inc. (CYH) announced today that certain subsidiaries of the company have entered into a definitive agreement to sell 351-bed Tennova Healthcare – Cleveland in Cleveland, Tennessee, and certain related businesses to affiliates of Hamilton Health Care System, Inc. for $160 million in cash. This is subject to certain net working capital and other adjustments, with additional consideration potentially being received following the transaction contingent upon potential changes to certain supplemental reimbursement programs. The transaction is expected to close in the third quarter of this year, pending customary regulatory approvals and closing conditions.
The hospital included in this transaction is among the additional potential divestitures discussed on the Company’s fourth quarter and year-end 2023 earnings call. Community Health Systems, Inc. is one of the nation’s largest healthcare companies, with affiliates providing healthcare services in 40 distinct markets across 15 states. The company’s subsidiaries own or lease 71 affiliated hospitals with approximately 12,000 beds and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers, and ambulatory surgery centers.
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.” For more information about the company, visit its website at www.chs.net. Media Contact: Tomi Galin, Executive Vice President, Corporate Communications, Marketing, and Public Affairs, can be reached at (615) 628-6607. Investor Contacts: Kevin Hammons, President and Chief Financial Officer, can be reached at (615) 465-7000, and Anton Hie, Vice President – Investor Relations, at (615) 465-7012.