Hospital company acquisition completed

NAPLES — Health Management Associates, a corporate bulwark in Naples, has been acquired by Community Health Systems of Tennessee for $7.6 billion.

Community Health now owns and operates 206 hospitals in 29 states with more than 135,000 people and approximately 27,000 physicians. Community Health's headquarters will remain in the Nashville, Tenn., suburb of Franklin, the company says.

The completion of the deal Jan. 27 caps a tumultuous year in which activist investors overthrew the board of HMA, including longtime company chairman William Schoen. Schoen's board negotiated the deal with Community Health last year and a newly appointed board subsequently approved it.

“This transaction provides us with increased scale and broader geographic reach as we work to create strong health care networks across the nation,” says Wayne Smith, chairman and CEO of Community Health. “Our larger organization is well positioned to address the changing dynamics in our industry and dedicated to providing quality care for millions of patients and all the communities we serve. We look forward to effectively integrating this acquisition and generating significant value for our shareholders.”

Community Health's stock is listed on the New York Stock Exchange (symbol: CYH; recent price: $40).