Community Health Systems is preparing to sell off a 351-bed hospital in Tennessee.
The Franklin, Tenn.-based health system announced April 18 that it has entered into a definitive agreement to sell 351-bed Tennova Healthcare – Cleveland (Tenn.) to Hamilton Health Care System in Dalton, Ga., for $160 million in cash.
The transaction is expected to close in the third quarter of 2024.
Earlier this year, CHS CEO Tim Hingtgen said the 71-hospital company was evaluating interest for sales that could yield more than $1 billion in proceeds. In 2023, CHS sold hospitals in West Virginia, Arkansas and Florida.
The system is also working to sell two of its North Carolina hospitals to Winston-Salem, N.C.-based Novant Health, but the Federal Trade Commission in January sued to block the move. More recently, North Carolina Treasurer Dale Folwell has backed the FTC's bid to block the sale.