U.S. Markets open in 9 hrs 28 mins

Community Health Systems Announces Definitive Agreement to Divest Four Pennsylvania Hospitals

FRANKLIN, Tenn.--(BUSINESS WIRE)--

Community Health Systems, Inc. (CYH) announced today that subsidiaries of the Company have signed a definitive agreement to sell four Pennsylvania hospitals and their associated assets to subsidiaries of PinnacleHealth System. Hospitals included in the transaction are 100-bed Memorial Hospital of York in York, 214-bed Lancaster Regional Medical Center in Lancaster, 148-bed Heart of Lancaster Regional Medical Center in Lititz and 165-bed Carlisle Regional Medical Center in Carlisle.

The transaction is expected to close in the summer of 2017, subject to customary regulatory approvals and closing conditions. The four hospitals included in this transaction are part of the 25 planned hospital divestitures discussed on the Company’s fourth quarter and year-end 2016 earnings call.

Kaufman, Hall & Associates, LLC is acting as the exclusive financial advisor to PinnacleHealth on this transaction, and McNees Wallace & Nurick LLC is acting as its legal counsel.

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 158 affiliated hospitals in 22 states with an aggregate of approximately 26,000 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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170314006399/en/