Community Health Systems Announces Definitive Agreement for Purchase of Equity Interest in Wyoming, Michigan Health System
Community Health Systems, Inc. (NYSE:CYH) announced today that subsidiaries of the Company have executed a definitive agreement for the purchase of an 80 percent equity interest in Metro Health in Wyoming, Michigan, a suburb west of Grand Rapids. The agreement includes 208-bed Metro Health Hospital, outpatient centers, and related assets and businesses. The transaction is subject to customary regulatory reviews, including approval by the Michigan Office of the Attorney General and certificate of need review by the Michigan Department of Community Health.
Commenting on today’s announcement, Wayne T. Smith, chairman, president and chief executive officer of Community Health Systems, Inc., said, “Metro Health provides an opportunity for our company to expand into Michigan and add the state’s fastest growing market to our organization. This health system has served Western Michigan for many years, and we look forward to supporting Metro Health’s medical staff and employees in their ongoing work to provide quality care.”
About Community Health Systems, Inc.
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 communities across the country. Through its subsidiaries, the Company currently owns, leases or operates 206 affiliated hospitals in 29 states with an aggregate of approximately 31,100 licensed beds. The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” More information about the Company can be found on its website at www.chs.net.
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.
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