Sale of Sharon Regional Hospital to CHS approved by directors


February 5, 2014 at 10:33a.m.

Sale of Sharon Regional Hospital to CHS approved by directors

SHARON, PA.

The Sharon Regional Health System board of directors has approved the sale of the hospital and its assets to a subsidiary of Community Health Systems, Inc. (CHS) of Nashville, Tenn.

The agreement, reached after five months of negotiations following the Aug. 27, 2013, announcement of the signing of a letter of intent for the sale, must now be approved by the Pennsylvania Office of the Attorney General and the Mercer County Orphan’s Court.

Among the terms of the agreement is a CHS commitment to invest in Sharon Regional a minimum of $75 million in facilities, services, and medical technology over the next five years; and the hiring of all active employees in good standing at the time the transaction closes in the same position, at the same rate of pay, with years of service recognized.

For more on this story, see Thursday’s Vindicator or vindy.com