August 1, 2024- Community Health Systems, Inc. announced that certain subsidiaries of the Company have entered into a definitive agreement to sell three Pennsylvania hospitals – 186-bed Regional Hospital of Scranton and 122-bed Moses Taylor Hospital in Scranton, 369-bed Wilkes-Barre General Hospital in Wilkes-Barre, and certain related businesses to affiliates of WoodBridge Healthcare, Inc. for $120 million, inclusive of a $10 million prepayment for services to be provided pursuant to an information technology transition services agreement and subject to adjustment for the assumption of any capital/finance leases and net working capital.
The transaction is expected to close in the fourth quarter of this year, subject to customary regulatory approvals and closing conditions.
The hospitals included in this transaction are among the additional potential divestitures discussed on the Company’s second quarter 2024 earnings call.