Community Health Systems, Franklin, Tenn., said it has bought out its partner in an Arkansas joint venture and has a definitive agreement for a previously announced acquisition of a two-hospital, not-for-profit system in Pennsylvania.
Community has purchased the remaining 50% share of the joint venture that operates 140-bed Medical Center of South Arkansas, El Dorado, from the Share Foundation. Terms were not disclosed. The foundation formed the joint venture in 1996 with what was then known as Columbia/HCA Healthcare Corp., and it was later part of the spinoff that created Triad Hospitals in 1999. Community acquired Triad in 2007. Community has been unwinding many of Triads joint ventures with not-for-profit partners. This week, Community sold its 80% interest in the joint venture that owned 208-bed Presbyterian Hospital of Denton (Texas) to Texas Health Resources, Arlington.
Community also said that is has a definitive agreement to purchase two-hospital Wyoming Valley Health Care System, Wilkes-Barre, Pa. Wyoming Valley announced in August 2008 that Community had agreed to a nonbinding letter of intent to purchase the hospital. Terms were not disclosed. Community said it expects to close the deal in the second quarter, pending regulatory approvals.