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CHS pursues Metro Health deal without Cleveland Clinic

Franklin, Tenn.-based Community Health Systems has announced it is moving forward with a deal to purchase Metro Health Hospital in Wyoming, Mich. — a deal that has been in the works since 2013.

In early 2013, CHS and Cleveland Clinic formed a strategic alliance and began exploring the purchase of Metro Health. In September 2013, the board of directors of 208-bed Metro Health decided to "explore a strategic partnership" with CHS and Cleveland Clinic.

However, the newly signed agreement involving Metro Health doesn't include Cleveland Clinic. Under the agreement, which still requires regulatory approval, CHS will purchase an 80 percent equity interest in the hospital.

Concerning the agreement, Wayne T. Smith, chairman, president and CEO of CHS said, "Metro Health provides an opportunity for our company to expand in Michigan and add the state's fastest growing market to our organization."

More articles on healthcare transactions:

Decision on sale of Daughters of Charity to Prime Healthcare pushed back
Tenet to renew talks over major hospital deal in Connecticut
2015 could be a busy year for hospital deals

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