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Carolinas HealthCare to Fully Absorb Cleveland County System for $100M

Carolinas HealthCare System in Charlotte, N.C., will fully integrate Cleveland County HealthCare System in Shelby, N.C., to its system after a nearly 20-year management relationship.

The Cleveland County board of commissioners approved an amendment to Carolinas' and Cleveland County's agreement that will allow for the "complete clinical and operational integration" of CCHS with Carolinas, according to a news release. Under the transaction terms, Carolinas will pay Cleveland County roughly $100 million to assume all of CCHS' liabilities and obligations, and both parties have canceled the long-term lease that ran through 2036.

The county will still operate some of CCHS' facilities, such as the mental health center, and it will lease any buildings from Carolinas for two years for $1 per year.

CCHS first became an affiliate of Carolinas in 1994. CCHS includes three hospitals: Cleveland Regional Medical Center in Shelby, Kings Mountain (N.C.) Hospital and Crawley Memorial Hospital in Boiling Springs.

More Articles on Hospital Transactions:

Cone Health, Alamance Regional Expect FTC Merger Approval
Covenant Health Interested in Operating Tennessee's Claiborne County Hospital
LifePoint, Fauquier Health in Virginia to Form Joint Venture

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