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Woods Memorial Hospital Signs Acquisition Agreement With LifePoint Hospitals

Stocks in this article: LPNT

The Woods Memorial Hospital Board of Directors today announced it has signed an asset purchase agreement for the acquisition of the hospital by LifePoint Hospitals®, a leading hospital company focused on providing quality healthcare close to home.

The transaction is expected to be completed in approximately 30 days, subject to customary closing conditions. The specific terms of the agreement were not disclosed.

“Our board of directors has been exploring ways to strengthen Woods Memorial for the future and ensure our success and the health of our community,” said Woods Memorial Hospital CEO Steve Clapp. “LifePoint Hospitals is an attractive partner for our hospital because of its financial strength, extensive experience in operating community hospitals like ours, and significant presence in this region. We are confident that LifePoint is the right partner for Woods Memorial and our community.”

LifePoint has 10 hospital campuses in Tennessee, including Athens Regional Medical Center located in Athens, Crockett Hospital in Lawrenceburg, Hillside Hospital in Pulaski, Livingston Regional Hospital in Livingston, Southern Tennessee Medical Center in Winchester, Emerald-Hodgson Hospital in Sewanee, and HighPoint Health System with four facilities in Gallatin, Trousdale and Carthage.

“Woods Memorial Hospital is a crucial source of healthcare services for Etowah and the surrounding area,” said Michael Clark, Division President for LifePoint Hospitals. “We are excited for the hospital to join LifePoint’s network and to partner with its team to improve healthcare throughout this region.”

About Woods Memorial Hospital

Woods Memorial Hospital is a 72-bed hospital located in Etowah, Tenn. Woods Memorial provides inpatient and outpatient services, including general and orthopedic surgery, urology, geropsychiatry, wound care, and other diagnostic testing. The campus also includes McMinn Memorial Nursing Home, an 88-bed facility licensed to provide long-term and skilled nursing care.

About LifePoint Hospitals

LifePoint Hospitals® is a leading hospital company focused on providing quality healthcare services close to home. Through its subsidiaries, LifePoint operates 55 hospital campuses in 18 states. With a mission of “Making Communities Healthier®,” LifePoint is the sole community hospital provider in the majority of the communities it serves. More information about the company, which is headquartered in Brentwood, Tenn., can be found on its Web site, www.LifePointHospitals.com. All references to “LifePoint,” “LifePoint Hospitals” or the “Company” used in this release refer to LifePoint Hospitals, Inc. or its affiliates.

Copyright Business Wire 2010

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