Community Health Systems (CYH) to Sell Rockwood Health System in $425M Deal
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Community Health Systems, Inc. (NYSE: CYH) announced that subsidiaries of the Company have signed a definitive agreement to sell Rockwood Health System and its associated assets to MultiCare Health System for $425 million, subject to certain adjustments. Facilities included in the transaction include 388-bed Deaconess Hospital in Spokane, 123-bed Valley Hospital in Spokane Valley and the multi-specialty Rockwood Clinic, all in Washington.
Commenting on the announcement, Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc., said, “Rockwood Health System is a strong healthcare system, and we have carefully considered how to position it for future success. The hospitals and clinic will benefit from joining a growing regional health system that is expanding its network across the Pacific Northwest.”
The transaction is expected to close in the first quarter of 2017, subject to customary regulatory approvals and closing conditions. This transaction is one of the seven transactions discussed on the Company’s third quarter 2016 earnings call. The Company will apply proceeds of the transaction to pay down debt.
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