|Columbia/HCA And Universal Announce Agreement For Universal To Acquire Two Chicago Area Psychiatric Hospitals|
NASHVILLE, Tenn., and KING OF PRUSSIA, Penn., Dec. 3 /PRNewswire/ -- Columbia/HCA Healthcare Corporation (NYSE: COL) and Universal Health Services, Inc. (NYSE: UHS), today announced the signing of a letter of intent for Universal to purchase Chicago Lakeshore Hospital, in Chicago, and Riveredge Hospital in Forest Park, Illinois for $15 million.
Universal is also in the process of acquiring Hospital Group of America, Inc. which currently manages Riveredge Hospital under a contractual arrangement with Columbia/HCA. Chicago Lakeshore and Riveredge are both psychiatric hospitals.
The transaction is expected to be completed in the first quarter of 1999 pending normal regulatory approvals.
Columbia/HCA is divesting its Chicago area facilities as part of a company restructuring announced on November 17, 1997.
Universal Health Services, Inc. is the nation's third largest hospital management company and has a total of 68 facilities nationwide including medical, surgical and behavioral health hospitals and ambulatory surgery and radiation therapy centers. UHS acts as advisor to Universal Health Realty Income Trust, a Real Estate Investment Trust (NYSE: UHT - news).
This press release contains forward-looking statements based on current management expectations. Numerous factors exist which may cause results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine the Companies' future results are beyond the ability of the Companies to control or predict. These statements are subject to risks and uncertainties and, therefore, actual results may differ materially.
Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The Companies undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Readers should also carefully review the risk factors and uncertainties as detailed from time to time in the Companies' filings with the Securities and Exchange Commission.
All references to "Columbia/HCA" refer to Columbia/HCA Healthcare
Corporation and/or its affiliates, as applicable. All references to
"Universal" refer to Universal Health Services Inc. and/or its affiliates, as
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding HCA's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|