West Reading, Pa.-based Reading Health System has entered into an asset purchase agreement to acquire five hospitals owned and operated by Franklin, Tenn.-based Community Health Systems.
Under the agreement, Reading Health System will acquire five Pennsylvania hospitals, including:
- 169-bed Brandywine Hospital in Coatesville
- 151-bed Phoenixville (Pa.) Hospital
- 232-bed Pottstown (Pa.) Memorial Medical Center
- 63-bed Jennersville Regional Hospital in West Grove
- 148-bed Chestnut Hill Hospital in Philadelphia
Officials expect to close the transaction this summer.
Reading Health System will rebrand as Tower Health, effective this summer.
"Reading Health has a rich 150-year history of providing high quality, cost-effective healthcare to the communities we serve. The proposed acquisition will ensure the continued development of acute care and related assets, and provider network capabilities to best serve our region in a cost-effective manner," said Clint Matthews, BSN, president and CEO of Reading Health System.