Under the deal, CHS would acquire all assets of Sharon Regional, which includes a 251-bed hospital and 23 satellite centers. In addition, CHS would invest capital to improve facilities, services and technology. Financial details of the potential sale were not disclosed.
As part of an alliance with CHS, Cleveland Clinic will also be a strategic medical partner with Sharon Regional. Cleveland Clinic executives and physicians will support Sharon Regional’s clinical program development and quality improvement. However, Cleveland Clinic will not be an owner of Sharon Regional.
Sharon Regional would still retain a local board of trustees, comprised of the hospital’s medical staff and local community members.
CHS and Sharon Regional executives will now conduct due diligence, and a definitive agreement is expected to be signed later this year. The transaction also must obtain regulatory approvals.
CHS has been aggressive in the hospital merger and acquisition market as of late. Last week, CHS and Cleveland Clinic entered into a joint venture acquisition of Akron (Ohio) General Health System. CHS also is in the process of finalizing its purchase of Naples, Fla.-based Health Management Associates in a deal worth roughly $7.6 billion.
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