FRANKLIN, Tenn.--(BUSINESS WIRE)--Community Health Systems, Inc. (NYSE:CYH) announced today that a subsidiary of the Company has signed a definitive agreement to sell a majority ownership interest in the Company’s Home Health division to a subsidiary of Almost Family, Inc. (NASDAQ:AFAM).
The Company has previously announced plans to reduce and refine its overall portfolio with proceeds being used to pay down debt. This transaction is one of the five transactions discussed on the Company’s second quarter 2016 earnings call.
Commenting on the announcement, Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc., said, “This partnership will become a part of one of the nation’s largest providers of home health services, with 340 branches across 26 states sharing a mutual goal of providing quality clinical services to patients after discharge. We believe the agencies in the Company’s Home Health division will benefit from affiliation with an organization specializing in home health care. The transaction also advances our strategy to focus on a more sustainable and successful portfolio of hospitals and regional healthcare systems.”
The transaction is expected to close in the fourth quarter of this year, subject to customary regulatory approvals and closing conditions.
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.
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.