Community Health Systems Terminates Purchase Agreement With WoodBridge

Dow Jones2024-11-27

By Stephen Nakrosis

Community Health Systems said it terminated, by mutual agreement, its previously announced purchase agreement that would have seen WoodBridge Healthcare acquire three Pennsylvania hospitals.

Community Health Systems said Tuesday the deal was terminated because of WoodBridge's inability to satisfy the purchase agreement's funding requirements because of developments affecting the expected proceeds available to WoodBridge from the issuance of publicly offered tax-exempt and taxable bonds.

Under the terms of the deal, WoodBridge would have acquired the Regional Hospital and the Moses Taylor Hospital in Scranton, along with the Wilkes-Barre General Hospital, and certain related businesses. The deal had a price tag of $120 million, Community Health said.

The company added it will evaluate future options for Commonwealth Health System in Pennsylvania in light of the termination.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 26, 2024 16:55 ET (21:55 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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