• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Community Health Systems, Inc. Announces Definitive Agreement to Acquire Spokane, Washington Health System

Posted on: Wednesday, 10 October 2007, 18:00 CDT

Community Health Systems, Inc. (NYSE: CYH) today announced its subsidiary's execution of a definitive agreement to acquire substantially all of the assets of Empire Health Services, located in Spokane, Washington. The system includes two full service acute care hospitals, Deaconess Medical Center (388 licensed beds) and Valley Hospital and Medical Center (123 licensed beds), as well as other outpatient and ancillary services. The transaction is subject to customary federal and state regulatory approvals, including the review and approval by the State of Washington Department of Health and the Attorney General of the State of Washington. Closing is expected to occur in the first quarter of 2008.

"We are very pleased that our negotiations, the origin of which predate our merger with Triad Hospitals, Inc., have come to such a beneficial conclusion for both parties," said Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc. "We look forward to closing this transaction and bringing our resources and management leadership to this expanding and very attractive market."

Located in the Nashville, Tennessee, suburb of Franklin, Community Health Systems, Inc. is the largest publicly-traded hospital company in the United States and a leading operator of general acute care hospitals in non-urban and mid-size markets throughout the country. Through its subsidiaries, the Company currently owns, leases or operates approximately 130 hospitals in 28 states and one in Ireland, with an aggregate of approximately 19,200 licensed beds. Its hospitals offer a broad range of inpatient medical and surgical services, outpatient treatment and skilled nursing care. In addition, through its QHR subsidiary, the Company provides management and consulting services to independent general acute care hospitals located throughout the United States. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol "CYH."

Statements contained in this news release are forward-looking statements that involve risks and uncertainties, including particularly the ability to consummate this acquisition transaction and to integrate and improve the operations at this facility. 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, specifically the most recent filings which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including execution of our growth, acquisition, and business strategies. These and other applicable risks are summarized under the caption "risk factors" in the Company's Securities and Exchange Commission filings.

Source: Business Wire

More News in this Category