A Medical Device Daily
Community Health Systems (CHS; Brentwood, Tennessee) reported the execution of a definitive agreement to acquire Chestnut Hill Hospital, a 183-bed acute general hospital that is located in the northwest corner of Philadelphia, on the Montgomery County line.
Chestnut Hill provides a full spectrum of services and is currently owned and operated by Chestnut Hill HealthCare (Philadelphia), a local not-for-profit corporation. The transaction also includes a rehabilitation facility as well as an assisted living facility.
The University of Pennsylvania Health System (also Philadelphia) will have a 15% minority interest in this transaction. The acquisition is subject to federal and state regulatory approvals and is expected to close as soon as practicable after the approvals are obtained.
“We are very pleased to bring this hospital into our Pennsylvania family and look forward to working with the University of Pennsylvania,“ said Wayne Smith, chairman, president and CEO of Community Health Systems. “The addition of clinical services supported by the University of Pennsylvania Health System will likewise benefit all Community stakeholders.“
CHS is an operator of general acute-care hospitals in non-urban communities throughout the country. Through its subsidiaries, the company currently owns, leases or operates 71 hospitals in 22 states. Its hospitals offer a range of inpatient and outpatient medical and surgical services.