Franklin, Tenn.-based Community Health Systems has sold Payson (Ariz.) Regional Medical Center, which is operated by Mogollon Health Alliance, to Phoenix-based Banner Health.
The transaction follows the termination of a lease agreement CHS had with Mogollon Health Alliance, which expired July 31. As part of the deal, Banner will invest $25 million in the 44-bed hospital, according to a Phoenix Business Journal report.
With the divestiture of Payson Regional Medical Center, subsidiaries of CHS continue to operate three hospitals in Arizona.
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