MultiCare Health System Has Completed its Acquisition of Rockwood Health System from Community Health Systems, Inc. (NYSE:CYH)
June 30, 2017
MultiCare Health System (“MultiCare”), a not-for-profit health system based in Tacoma, Washington, has completed its acquisition of the assets of Rockwood Health System (“Rockwood”), a wholly-owned subsidiary of Community Health Systems, Inc. (NYSE:CYH), for $425 million. Facilities included in the transaction are the 388-bed Deaconess Hospital in Spokane, the 123-bed Valley Hospital in Spokane Valley and the multi-specialty Rockwood Clinic, all in Washington.
Rockwood became part of MultiCare’s integrated not-for-profit healthcare system. MultiCare has annual revenues of $2 billion and is comprised of four acute-care adult hospitals, one acute-care children’s hospital and a robust network of community-based primary, specialty and urgent care facilities. MultiCare is now the largest community-based, locally-governed health system in Washington.
Purchasing the Rockwood system allows MultiCare to expand its geographic reach into Eastern Washington, while acquiring an organization with like-minded values. This acquisition is part of MultiCare’s growth plan to further its vision of becoming the leading value-based health system in the Pacific Northwest.
Cain Brothers acted as financial advisor to MultiCare in connection with this transaction.