US-based Community Health Systems’ subsidiaries have signed a definitive agreement to sell four South Carolina hospitals to the Medical University Hospital Authority, for an undisclosed sum.
As part of the agreement, Community Health Systems will sell 82-bed Chester Regional Medical Center in Chester, 225-bed Springs Memorial Hospital in Lancaster, 396-bed Carolinas Hospital System in Florence, and 124-bed Carolinas Hospital System – Marion in Mullins.
The sale also involves associated businesses, including physician clinic operations and outpatient services.
As part of the transaction, which is expected to close in the first quarter of next year, the Medical University Hospital Authority will take on the long-term lease and operations of Chester Regional Medical Center.
The transfer of the lease is subject to the approval of the Chester County Hospital Board of Chester County, South Carolina.
According to Community Health Systems, the four hospitals are among the additionally planned divestitures discussed in its third quarter 2018 earnings call.
The transaction is subject to customary regulatory approvals and closing conditions.
On this transaction, Kaufman, Hall & Associates is acting as the exclusive financial advisor to the Medical University Hospital Authority.
Last month, an affiliate of Community Health Systems completed the sale of 238-bed AllianceHealth Deaconess hospital in Oklahoma City, Oklahoma, and its related businesses to a subsidiary of INTEGRIS Health.
Community Health Systems, through its subsidiaries, owns, leases or operates 115 affiliated hospitals in 20 states with an aggregate of approximately 19,000 licensed beds.
The affiliates of the company continue to operate seven hospitals in Oklahoma.