Statesville, N.C.-based Iredell Health System has signed a definitive agreement to buy Davis Regional Psychiatric Hospital from Franklin, Tenn.-based Community Health Systems in a deal that is expected to close this fall. News of the acquisition comes after Novant Health called off plans to acquire the facility in June.
In an Aug. 16 news release, Iredell Health System said future plans for Davis Regional, which is also in Statesville, have not been determined, but that it intends to keep the facility open and retain employees. Terms of the transaction were not disclosed.
"These are good healthcare workers, and we want them to remain in our community to take care of their friends, family and neighbors," John Green, president and CEO of Iredell Health System, said in the release. "We plan to extensively evaluate our community's healthcare needs as we consider what the best course of action will be for the Davis facility, but our first priority is to keep it open and sustainable."
CHS acquired the facility in 2019. In 2022, it was transitioned from an acute care hospital to an inpatient behavioral health facility.
In June, Winston-Salem, N.C.-based Novant Health called off plans to acquire Davis Regional and Lake Norman Regional Medical Center from CHS in a deal worth $320 million. The decision came after an appellate court granted the Federal Trade Commission an emergency injunction blocking the deal. The FTC had been fighting to block the acquisition for more than a year.