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CHS to sell Texas hospital

Franklin, Tenn.-based Community Health Systems has signed a definitive agreement to sell San Angelo (Texas) Community Medical Center. 

CHS is selling the 171-bed hospital and its associated assets to Shannon Health System in San Angelo. The transaction requires approval by the Texas Health and Human Services Commission, and CHS said the regulatory review process is expected to conclude by the end of the third quarter. If the deal closes, CHS will still operate 10 hospitals in Texas. 

CHS, which operates 99 hospitals across the U.S., reported a net loss of $675 million on revenues of $13.2 billion in 2019. A year earlier, the company recorded a net loss of $788 million on revenues of $14.2 billion. 

CHS is scheduled to release its earnings for the first quarter of this year on April 28. 

More articles on healthcare industry transactions:
Billionaire Dr. Patrick Soon-Shiong buys California hospital for $135M
Advocate Aurora Health to sell 2 Illinois hospitals for $190M
7 ways COVID-19 could affect healthcare M&A

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