Community Health Systems Announces Definitive Agreement to Sell Three Pennsylvania Hospitals to WoodBridge Healthcare Inc.
Summary
FRANKLIN, Tenn.--(BUSINESS WIRE)--Community Health Systems, Inc. (NYSE: CYH) announced today that certain subsidiaries of the Company have entered into a definitive agreement to sell three Pennsylvania hospitals – 186-bed Regional Hospital of Scranton and 122-bed Moses Taylor Hospital in Scranton, 369-bed Wilkes-Barre General Hospital in Wilkes-Barre, and certain related businesses to affiliates of WoodBridge Healthcare, Inc. for $120 million, inclusive of a $10 million prepayment for services to be provided pursuant to an information technology transition services agreement and subject to adjustment for the assumption of any capital/finance leases and net working capital. The hospitals included in this transaction are among the additional potential divestitures discussed on the Company’s second quarter 2024 earnings call. Community Health Systems, Inc. is one of the nation’s largest healthcare companies. 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.