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Prime signs definitive agreement to purchase Lehigh Regional Medical Center

Ontario, Calif.-based Prime Healthcare Services has signed a definitive agreement to purchase 88-bed Lehigh Regional Medical Center in Lehigh Acres, Fla., from subsidiaries of Franklin, Tenn.-based Community Health Systems.

As part of the agreement, Prime will also acquire LRMC's related businesses, including physician clinic operations and ancillary services. LRMC serves a five-county area and is the only comprehensive hospital in the community.

Financial terms of the transaction were not disclosed.

"Prime Healthcare looks forward to expanding its network to Florida in an effort to continue saving hospitals, jobs and lives," said Prem Reddy, MD, chairman, president and CEO of Prime Healthcare Services. "The experienced team of exceptional physicians and caregivers at Lehigh Regional Medical Center would be a welcome addition and we look forward to working with them."

The transaction is still subject to regulatory approval. CHS has stated it expects to close on its divestiture in the fourth quarter of 2015.

More articles on transactions and valuations:
Beth Israel, Lahey call off merger talks again
Trinity Health to expand network in Connecticut
2 Tennessee health systems move forward with merger plan

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