Brentwood, Tenn.-based Quorum Health expects to complete the divestiture of a 106-bed hospital in California in coming months.
In June, Quorum entered into a definitive agreement to sell Watsonville (Calif.) Community Hospital to Los Angeles-based Halsen Healthcare. At that time, Quorum said cash proceeds from the transaction are expected to be about $35 million to $40 million, and all proceeds will be used to repay the company's long-term debt.
Pajaro Valley Health Trust, a nonprofit healthcare foundation in Watsonville, announced in July that it intended to buy Watsonville Community Hospital. However, after failing to secure necessary financing, PVHT agreed to release the sale of the hospital, according to The Pajaronian.
On Aug. 30, Quorum announced it will proceed with the sale of the hospital to Halsen Healthcare. The transaction is expected to close by the end of the third quarter.
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