Agreement Signed for Acquisition of Lake Norman Regional Medical Center and Davis Regional Medical Center

Rhea-AI Summary

Novant Health signed a definitive agreement to acquire Lake Norman Regional Medical Center and Davis Regional Medical Center, along with their related operations, from Community Health Systems (NYSE: CYH). The acquisition aims to enhance community health and provide patient-centered care, expanding Novant Health's regional network. The transaction, expected to close later this year, is subject to regulatory approvals. CEO Carl S. Armato emphasized the commitment to delivering quality care and creating opportunities for medical education and research as part of this strategic move.

Positive

• Expansion of Novant Health's regional delivery network.
• Enhanced opportunities for medical education, research, and innovation.
• Commitment to community-centered healthcare services.

Negative

• None.

News Market Reaction – CYH

+1.49%

+1.49% Session move

In the trading session that priced this news, CYH gained 1.49%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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Services to be Sustained for the Community

MOORESVILLE, N.C., Feb. 28, 2023 /PRNewswire/ -- Novant Health has signed a definitive agreement to acquire Lake Norman Regional Medical Center, Davis Regional Medical Center and their related businesses, including physician clinic operations and outpatient services from subsidiaries of Community Health Systems, Inc.  (NYSE: CYH).

"Our shared commitments to the community will continue to anchor our efforts and plans as we deliver exceptional, patient-centered experiences; protect safety and quality; improve community health; and promote equitable access to care," said Carl S. Armato, president and CEO of Novant Health. "This unique and exciting opportunity to extend Novant Health's regional delivery network to new communities also creates opportunities for medical education, research and innovation."

The transaction is subject to regulatory approvals and is expected to close later this year.

"Novant Health has a demonstrated commitment to delivering quality care to the patients they serve across the communities they serve," said Matthew Littlejohn, Chief Executive Officer of Lake Norman Regional Medical Center and Davis Regional Medical Center. "Our tradition of serving the community with medical services close to home will be enhanced thanks to the dedication and skill of our medical staff and employees."

Once the transaction is complete, Novant Health will continue working with employees, members of the medical staff, and other stakeholders to deliver quality care close to home.

View original content:https://www.prnewswire.com/news-releases/agreement-signed-for-acquisition-of-lake-norman-regional-medical-center-and-davis-regional-medical-center-301758726.html

SOURCE Novant Health

FAQ

What is the significance of the acquisition of Lake Norman Regional Medical Center by Community Health Systems (CYH)?

The acquisition enhances Novant Health's service area, allowing it to provide better access to healthcare in the community and improve patient-centered care.

When is the acquisition of Lake Norman Regional Medical Center by Novant Health expected to be completed?

The transaction is expected to close later this year, pending regulatory approvals.

What will happen to the employees of Lake Norman Regional Medical Center after the acquisition?

Novant Health will continue to work with employees and medical staff to ensure quality care is delivered close to home.

How does the acquisition impact Novant Health's mission?

It aligns with Novant Health's mission of providing exceptional patient experiences and improving community health.