Community Health Systems, Inc. (NYSE: CYH) announced today that its subsidiaries have executed a definitive agreement to sell 180-bed SouthCrest Hospital in Tulsa, Oklahoma, 89-bed Claremore Regional Hospital in Claremore, Oklahoma, and other related healthcare assets affiliated with those hospitals to Hillcrest HealthCare System, part of Ardent Health Services. Ardent Health Services, a privately-held healthcare company, proposed the acquisition to expand Tulsa-based Hillcrest HealthCare System, which is a network of four Oklahoma hospitals. The transaction is expected to close during the third quarter of 2011.
Located in the Nashville, Tennessee, suburb of Franklin, 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 non-urban and mid-size markets throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 133 hospitals in 29 states with an aggregate of approximately 19,500 licensed beds. Its hospitals offer a broad range of inpatient and surgical services, outpatient treatment and skilled nursing care. In addition, through its subsidiary, Quorum Health Resources, LLC, the Company provides management and consulting services to non-affiliated 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 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.