Community Health Systems Completes Divestiture of Two Texas Hospitals
Community Health Systems (NYSE: CYH) has announced the completion of the sale of two Texas hospitals to Hendrick Health System, effective October 27, 2020. The divested facilities include the 231-bed Abilene Regional Medical Center and the 188-bed Brownwood Regional Medical Center, along with their associated assets. Following this transaction, Community Health Systems will continue to operate seven hospitals in Texas. This sale aligns with the company's strategy of divesting certain assets, as previously discussed in its second quarter 2020 earnings call.
- Completion of the sale of two hospitals indicates strategic asset divestiture.
- Continues to operate seven hospitals in Texas post-transaction.
- None.
FRANKLIN, Tenn.--(BUSINESS WIRE)--Community Health Systems, Inc. (NYSE: CYH) announced today that subsidiaries of the Company have completed the sale of 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. The effective date of the transactions is October 27, 2020. With the divestitures completed, Community Health Systems affiliates continue to operate seven hospitals in Texas.
As part of the transaction, Hendrick has secured assignment of the long-term lease and operations of Brownwood Regional Medical Center from the Brownwood County Hospital Authority.
The hospitals in this transaction are among the planned divestitures discussed on the Company’s second quarter 2020 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 89 affiliated hospitals in 16 states with an aggregate of approximately 15,000 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.
