Franklin, Tenn.-based Community Health Systems has signed a definitive agreement to sell a controlling interest in CHS Home Health to Louisville, Ky.-based Almost Family, a provider of home health nursing services.
Under the definitive agreement, Almost Family will pay $128 million, subject to a working capital adjustment, for an 80 percent equity interest in CHS Home Health.
"While we are reducing our ownership interest in our home health and hospice division, it is important to us to retain a meaningful interest to help ensure appropriate post-acute care coordination for the benefit of our patients," said Wayne Smith, CEO of CHS.
The transaction, which is subject to regulatory approvals, is expected to close during the fourth quarter of this year.
CHS Home Health operates 74 home health and 15 hospice locations in 22 states.
More articles on healthcare industry transactions:
Prospect Medical Holdings acquires Waterbury Hospital
Northwell Health purchases Eastern Suffolk Cardiology
21 recent hospital transactions and partnerships