Press release from Business Wire
Community Health Systems Announces Definitive Agreement to Acquire Sharon, Pennsylvania Hospital
Wednesday, February 05, 2014
Community Health Systems Announces Definitive Agreement to Acquire Sharon, Pennsylvania Hospital08:00 EST Wednesday, February 05, 2014
FRANKLIN, Tenn. (Business Wire) -- Community Health Systems, Inc. (NYSE: CYH) announced today that subsidiaries of the Company have executed a definitive agreement to acquire substantially all of the assets of Sharon Regional Health System in Sharon, Pennsylvania. Today's announcement follows approximately nine months of discussions and due diligence between the parties. The health system includes a 251-bed acute care hospital, outpatient centers and affiliated physician practices. The transaction is subject to customary federal and state regulatory approvals, including review and approval by the Attorney General of the Commonwealth of Pennsylvania.
Commenting on today's announcement, Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc., said, “This acquisition supports our strategic effort to develop networks of hospitals and healthcare services in regions where we currently operate. We are excited about the opportunity to support Sharon Regional's medical staff and employees in their mission to provide quality care for patients.”
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. Through its subsidiaries, the Company currently owns, leases or operates 206 affiliated hospitals in 29 states with an aggregate of approximately 31,000 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 expected operating results, acquisition transactions or divestitures 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.
Community Health Systems, Inc.
W. Larry Cash, 615-465-7000
President of Financial Services and Chief Financial Officer
Tomi Galin, 615-628-6607
Senior Vice President, Corporate Communications,
Marketing and Public Affairs