Reading, Pa.-based Tower Health, formerly Reading Health System, reportedly paid $418 million in total to acquire five hospitals from Franklin, Tenn.-based Community Health Systems earlier this year, according to a U.S. Securities and Exchange Commission filing obtained by The Mercury.
The Nov. 2 filing indicates Tower Health paid the purchase price in cash at the deal's Sept. 29 closing.
Tower Health officials told The Mercury Nov. 2, "The terms of the agreement are confidential and Tower Health is not able to disclose the purchase price."
The hospitals involved in the transaction were:
- 169-bed Brandywine Hospital in Coatesville
- 151-bed Phoenixville Hospital
- 232-bed Pottstown Memorial Medical Center
- 63-bed Jennersville Regional Hospital in West Grove
- 148-bed Chestnut Hill Hospital in Philadelphia
Pottstown Memorial Medical Center and Jennersville Regional Hospital rebranded to Pottstown Memorial Hospital and Jennersville Hospital once the organizations finalized the sale, the report states.