Community Health Systems (CYH) Divests Four Rural Hospitals
- Oil steadies on doubts output cut will end global glut
- Western Digital (WDC) Raises Q2 Outlook
- Dollar edges up vs yen as traders eye ECB meeting for cues
- Mondelez Int'l (MDLZ) Seen as Kraft Heinz's (KHC) Next Logical Takeover Target - Credit Suisse
- Foxconn says in preliminary discussions to expand U.S. operations
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Community Health Systems, Inc. (NYSE: CYH) announced today that subsidiaries of the Company have signed a definitive agreement for the sale of four hospitals and their associated assets to subsidiaries of Curae Health, Inc. Facilities included in the transaction are 95-bed Merit Health Gilmore Memorial in Amory, Miss., 112-bed Merit Health Batesville in Batesville, Miss., 181-bed Merit Health Northwest Mississippi in Clarksdale, Miss. and 126-bed Highlands Regional Medical Center in Sebring, Fla.
The Company has previously announced plans to reduce and refine its overall portfolio with proceeds being used to pay down debt.
“We are highly invested in the success of our affiliated hospitals, and we are considering how to best position them for the future,” said Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc. “These four hospitals provide quality care and are important in each of their communities. They will benefit from alignment with a smaller organization specializing in the operation of rural hospitals. Divestiture of these assets advances our strategy to focus on a portfolio of larger hospitals and regional healthcare systems.”
The transaction is expected to close in the fourth quarter of this year, subject to customary regulatory approvals and closing conditions, as well as a financing contingency.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Cerberus Capital Enters Agreement to Acquire Staples (SPLS) European Business
- Equinix (EQIX) Announces $3.6B Acquisition of Data Center Portfolio from Verzion (VZ)
- Transocean (RIG) Announces Transocean Partners Shareholder Approval of Proposed Merger
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions, Spinoffs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!