Shanda Group beefs up stake in Community Health Systems


Shanda Group has increased its investment in Franklin, Tennessee-based Community Health Systems, an operator of general acute care hospitals in communities across the country. No financial terms were disclosed. As a result of the transaction, Shanda now has a 24 percent stake in Community Health Systems.

PRESS RELEASE

FRANKLIN, Tenn. & MENLO PARK, Calif.–(BUSINESS WIRE)–On January 11, 2018, members of Shanda Group filed an amendment to Shanda’s Schedule 13D with the Securities and Exchange Commission to disclose an increase in its investment in Community Health Systems (NYSE: CYH). Shanda, together with its affiliates, is CYH’s largest shareholder and holds approximately 24.0% of the Company’s outstanding common stock.

Robert Chiu, group president of Shanda Group, stated, “We have consistently maintained a good relationship with CYH and are supportive of the Company and its management team as they continue to execute on the Company’s strategic objectives.”

Wayne T. Smith, chairman and chief executive officer of the Company, stated, “We are pleased with Shanda’s continued support and welcome and value the input of Shanda and all of our stockholders.”

About Community Health Systems, Inc.
Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals in communities across the country. The Company, through its subsidiaries, owns, leases or operates 127 affiliated hospitals in 20 states with an aggregate of approximately 21,000 licensed beds. The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” More information about the Company can be found on its website at www.chs.net.

About Shanda Group
Shanda Group is a private investment firm involved in public market, private equity and real estate investments around the world. Shanda Group was founded in 1999 and was one of the earliest and leading Internet conglomerates in China. Its parent company, Shanda Interactive Entertainment Limited, completed its IPO in 2004 and was the first Chinese online game company successfully listed on NASDAQ. Committed to bringing positive changes to the world, Shanda Group actively supports philanthropic efforts with a particular focus on fundamental research for brain science.

For more information on Shanda’s Schedule 13D/A filing, please visit www.sec.gov.

PE Hub Healthcare Wire delivers private equity and M&A healthcare deal activity, fundraising news, people moves, regulatory updates and much more every Thursday. Subscribe now! It’s FREE.

Do you want exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more? Get your FREE trial to Buyouts! Or subscribe now!

PE Hub Healthcare Wire delivers private equity and M&A healthcare deal activity, fundraising news, people moves, regulatory updates and much more every Thursday. Subscribe now! It’s FREE.