Community Health Systems Announces Definitive Agreement to Sell Two Texas Hospitals
April 27 2020 - 4:15PM
Business Wire
Community Health Systems, Inc. (NYSE: CYH) announced today that
subsidiaries of the Company have signed a definitive agreement to
sell two Texas hospitals – 231-bed Abilene Regional Medical Center
in Abilene and 188-bed Brownwood Regional Medical Center in
Brownwood and their associated assets to subsidiaries of Hendrick
Health System.
As part of the proposed transaction, Hendrick would work with
the Brownwood County Hospital Authority to secure assignment of the
long-term lease and operations of Brownwood Regional Medical
Center.
The parties intend to apply for a Certificate of Public
Advantage under a new regulatory framework in the State of Texas,
involving, among other things, review and approval of the
transaction by the Texas Health and Human Services Commission. This
regulatory review process is expected to conclude by the end of the
third quarter this year.
The hospitals in this transaction are among the additional
planned divestitures discussed on the Company’s fourth quarter 2019
earnings call.
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 99 affiliated hospitals in 17 states with an aggregate of
approximately 16,000 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200427005697/en/
Investor Contacts: Kevin Hammons, 615-465-7000 Executive
Vice President and Chief Financial Officer or Ross W. Comeaux,
615-465-7012 Vice President – Investor Relations
Media Contact: Tomi Galin, 615-628-6607 Senior Vice
President, Corporate Communications, Marketing and Public
Affairs
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