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.
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.
Kevin Hammons, 615-465-7000
Executive Vice President and Chief Financial Officer
Ross W. Comeaux, 615-465-7012
Vice President – Investor Relations
Tomi Galin, 615-628-6607
Senior Vice President, Corporate
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