Community Health Systems, Inc. Announces Sale of Tennova Healthcare – Cleveland to Hamilton Health Care System, Inc.

Community Health Systems, Inc. (NYSE: CYH) has made a significant announcement today regarding the sale of Tennova Healthcare – Cleveland in Cleveland, Tennessee. The company’s subsidiaries have entered into a definitive agreement to sell the 351-bed hospital and related businesses to affiliates of Hamilton Health Care System, Inc. for a whopping $160 million in cash.

This transaction, which is subject to certain net working capital and other adjustments, is expected to close in the third quarter of this year pending customary regulatory approvals and closing conditions. The hospital in question is part of the additional potential divestitures discussed during the company’s fourth quarter and year-end 2023 earnings call.

Community Health Systems, Inc. is a major player in the healthcare industry, with affiliates operating in 40 markets across 15 states. The company’s subsidiaries own or lease 71 affiliated hospitals with approximately 12,000 beds and operate over 1,000 sites of care, including physician practices, urgent care centers, and more.

This news is sure to have an impact on the healthcare landscape in Tennessee and beyond. Stay tuned for further updates on this developing story.