As per the terms of the deal, Bon Secours Mercy Health will assume the ownership of all three hospitals located in south-eastern Virginia.
Southside Regional Medical Center features 300-bed, Southern Virginia Regional Medical Center is 80-bed hospital, while Southampton Memorial Hospital is a 105-bed facility.
The three hospitals will join the Catholic tradition of Bon Secours Mercy Health.
Commenting on the deal, Bon Secours Mercy Health president and CEO John Starcher said: “Nothing is more important than the health and well-being of the communities and patients we serve, and we look forward to welcoming Southside Regional Medical Center, Southampton Memorial Hospital and Southern Virginia Regional Medical Center into our compassionate ministry.
“We have a unique opportunity to find synergies and work together to serve others.
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“Southeastern Virginia is a very attractive growth market, and we look forward to continuing to invest in the health and well-being of area residents, while ensuring our facilities are places where associates want to work, clinicians want to practice, people seek wellness and communities thrive.”
Going forward, both the partners will sign a definitive agreement, secure required regulatory approvals while also concluding integration plans for the coming year.
The transaction, whose financial terms have not been disclosed, is expected to conclude by the end of this year.
Through its subsidiaries, Community Health Systems, leases, owns, or operates 102 affiliated hospitals across 18 states with a total of 17,000 beds.