Community Health Systems, Inc. announced that subsidiaries of the Company have signed a definitive agreement to sell two Washington hospitals, 214-bed Yakima Regional Medical & Cardiac Center in Yakima and 63-bed Toppenish Community Hospital in Toppenish, to Sunnyside Community Hospital & Clinics for approximately $45 million including working capital.
Commenting on the announcement, Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc., said, “The Yakima and Toppenish hospitals are valued community resources that will benefit from alignment with another regional provider. We are making progress with our strategic objective to divest a number of properties to focus on a more sustainable portfolio of hospitals and networks for the future.”
The transaction is expected to close in the second quarter of 2017, subject to customary regulatory approvals and closing conditions. This transaction is one of the seven transactions discussed on the Company’s third quarter 2016 earnings call. The Company will apply proceeds of the transaction to pay down debt.
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 nearly 27,000 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 .
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