Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
Breaking News: CHS to Acquire Sharon Regional
YOUNGSTOWN, Ohio -- Community Health Systems Inc. announced this morning that subsidiaries of the Tennessee-based company have executed a definitive agreement to acquire substantially all of the assets of Sharon Regional Health System in Sharon, Pa. Terms were not disclosed.
The announcement follows approximately nine months of discussions and due diligence between the parties. The health system includes a 251-bed acute care hospital, outpatient centers and affiliated physician practices. The transaction is subject to customary federal and state regulatory approvals, CHS said.
“This acquisition supports our strategic effort to develop networks of hospitals and health-care services in regions where we currently operate, Said Wayne T. Smith, chairman and CEO of Community Health Systems, in a prepared statement. "We are excited about the opportunity to support Sharon Regional’s medical staff and employees in their mission to provide quality care for patients.”
Community Health Systems Inc. is one of the largest publicly-traded hospital companies in the United States. Through its subsidiaries, the company owns, leases or operates 206 affiliated hospitals in 29 states with an aggregate of approximately 31,000 licensed beds.
Among its holdings are the three hospitals operated by subsidiary ValleyCare Health Systems of Ohio: Northside Medical Center in Youngstown, Trumbull Memorial Hospital in Warren and Hillside Rehabilitation Hospital in Howland. The Mahoning Valley hospitals were purchased in 2010 from bankrupt Forum Health.
PREVIOUSLY REPORTED by The Business Journal:
CHS Poised to Become Two-State Hospital Giant
Sharon Regional Health System Plans Sale to CHS
Copyright 2014 The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our twice-monthly print edition and to our free daily email.