FRANKLIN, Tenn.--(BUSINESS WIRE)--Community Health Systems, Inc. (NYSE: CYH) announced today that a subsidiary of the Company has acquired an 80 percent ownership interest in a joint venture entity with Indiana University Health that includes substantially all of the assets of 227-bed IU Health La Porte Hospital in La Porte, Indiana, 50-bed IU Health Starke Hospital in Knox, Indiana, and affiliated outpatient centers and physician practices.
Commenting on today’s announcement, Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc., said, “This affiliation extends our footprint into new markets in Indiana, a state where we already have significant operations. We look forward to working with IU Health and supporting the dedicated physicians and employees who care for the La Porte and Starke communities.”
IU Health La Porte and Starke Hospitals are located in Northwest Indiana near Porter Health Care System in Valparaiso, a CHS-affiliated network that includes two acute care facilities. This acquisition brings the total number of CHS-affiliated hospitals in Indiana to 11.
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 197 affiliated hospitals in 29 states with an aggregate of approximately 30,000 licensed beds.
The Company has announced plans for a spin-off transaction to create a new, publicly-traded company, Quorum Health Corporation, with 38 affiliated hospitals and related outpatient services in 16 states, together with Quorum Health Resources, LLC, a subsidiary providing management advisory and consulting services to non-affiliated hospitals. The transaction is expected to close during the first half of 2016.
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.