Tue, 18 Oct 2016 | DIVISION SALE
US hospital group Community Health Systems (CHS) is to sell a majority stake in its home health division as it looks to shore itself up financially.
CHS said in a statement it will sell 80 per cent of CHS Home Health to Louisville-based Almost Family for $128 million (£105 million).
Tennessee-based CHS owns and operates hundreds of hospitals across the US. Its home health unit operates 74 home health and 15 hospice locations in 22 states. Almost Family said it expected to generate an additional $200 million (£164 million) in annual revenues as a result of its acquisition.
The division sale is part of a CHS strategy to streamline its portfolio and pay down debt after accumulating $15 billion (£12 billion) of debt over recent years. In September, CHS confirmed it was in preliminary discussions over its options, possibly including a sale of the company, and has already sold three hospitals in Mississippi and one in Florida.
The firm's chairman and chief executive officer, Wayne Smith, said: "We believe the agencies in the company’s Home Health division will benefit from affiliation with an organisation specialising in home health care.
"The transaction also advances our strategy to focus on a more sustainable and successful portfolio of hospitals and regional healthcare systems."
The CHS-Almost Family deal is set to complete in the fourth quarter of the year.
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