Community Health Systems executives have signed an agreement to sell one of their 11 hospitals in Texas to a regional health system.
Terms of CHS’ deal to divest San Angelo Community Medical Center to Shannon Health System aren’t being disclosed. The transaction needs the approval of state regulators and is expected to be completed by the end of September. Franklin-based CHS acquired the 171-bed hospital as part of its 2007 purchase of Triad Hospitals.
Texas is a very important state for CHS. In 2019, it accounted for 12.2 percent of the company’s operating revenues, trailing only Florida and Indiana in that regard. Shares of the company (Ticker: CYH) were changing hands Wednesday afternoon at $3.34, down 1.5 percent on the day. So far this year, they have risen about 20 percent.