PM Health Management Associates, Inc. (HMA) announced on Monday that it entered into a definitive agreement to sell two acute care hospitals to Wellmont Health System. The transaction is expected to be completed on or before August 1, 2007. HMA expects to use the proceeds of the sale for general corporate purposes, which includes debt repayment.
Under the agreement, Wellmont Health System has committed to offer employment to substantially all current employees who are in good standing at both hospitals.
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