CHARLESTON -- The Medical University of South Carolina Hospital Authority has completed the purchase of four South Carolina hospitals from subsidiaries of Community Health Systems Inc.
The purchase includes 82-bed Chester Regional Medical Center in Chester, 225-bed Springs Memorial Hospital in Lancaster, 396-bed Carolinas Hospital System-Florence and 124-bed Carolinas Hospital System-Marion in Mullins. The acquisition also comprises two nursing centers, physician clinic operations and outpatient services.
The facilities have been renamed, effective immediately: MUSC Health Chester Medical Center, MUSC Health Lancaster Medical Center, MUSC Health Florence Medical Center, and MUSC Health Marion Medical Center.
Through a series of arrangements, MUSC Health will finance this transaction through the federal Department of Housing and Urban Development program with up to $137 million of debt and the assumption of certain leases for a total sales price of $176 million. Kaufman Hall & Associates LLC acted as the exclusive financial advisor to MUSC Health on this transaction, which is effective March 1.
“As we welcome our new colleagues to the MUSC family, I am deeply grateful for the hard work and determination that moved this transaction forward,” said David J. Cole, MUSC president. “The commitment and enthusiasm has been exceptional. We could not be more excited about what this symbolizes for the future of health care delivery and connectivity for our state.”
MUSC now employs more than 16,400 team members throughout the state. The CEOs of each institution will become senior leaders in the MUSC Health system.