Community Health Systems, Inc. (NYSE:CYH) announced today the sale of nine hospitals to Capella Healthcare, Inc., a privately held, for-profit hospital company headquartered in Franklin, Tennessee. The sale includes hospitals in Alabama, Arkansas, Missouri, Oregon and Tennessee with trailing revenue of approximately $425 million. The aggregate purchase price was $315 million and the transaction will be effective at 12:01 a.m. CST on March 1, 2008.
Located in the Nashville, Tennessee, suburb of Franklin, Community Health Systems 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 116 hospitals in 28 states. Its hospitals offer a broad range of inpatient 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. 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.