KING OF PRUSSIA, Pa., May 1, 2012 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that it has signed a definitive agreement to sell Auburn Regional Medical Center, a 213-bed acute care hospital located in Auburn, Washington. The hospital will be sold to MultiCare Health System, a regional not-for-profit integrated health system based in Tacoma, Washington. We expect the sale proceeds to be approximately $98 million, including estimated net working capital, which will result in a substantial gain on the sale. The transaction is subject to customary regulatory approvals and we expect the closing to occur by September, 2012.
Over the past several years, UHS has concentrated on mid-sized markets where we hold market leading positions and this market no longer fits our long term strategy. We are pleased with this Agreement and expect the change in ownership to strengthen the hospital's ability to serve the community.
Universal Health Services, Inc. is one of the nation's largest hospital companies, operating, through its subsidiaries, acute care hospitals, behavioral health facilities, and ambulatory centers throughout the United States, Puerto Rico and the U.S. Virgin Islands.
Certain statements in this release may constitute forward-looking statements and are subject to various risks and uncertainties as discussed in the Company's filing with the Securities and Exchange Commission. The Company is not obligated to update these forward-looking statements even if the Company's assessment of these risks and uncertainties changes.
For additional information on the Company, visit our website; http://www.uhsinc.com.
SOURCE Universal Health Services, Inc.
Steve Filton, Chief Financial Officer, +1-610-768-3300