HMA said its stockholders approved the transaction with approximately 98.7% of the votes cast at a special meeting on Wednesday favoring the agreement, representing approximately 81.7% of HMA's outstanding common shares.
CHS Chairman, President, and CEO Wayne T. Smith, Chairman said he was "pleased that HMA stockholders have seen the significant strategic value in combining with CHS. We are working now to finalize regulatory approvals, and we expect to complete this transaction quickly so that we can integrate our two companies and deliver on our plans for long-term growth and value creation."
The deal is expected to be completed prior to the end of this month and is subject to customary closing conditions, regulatory approvals, and the absence of certain adverse developments.
The deal combines two of the largest publicly traded hospital chains in the nation. CHS owns, leases, or operates 135 hospitals in 29 states with an aggregate of approximately 20,000 licensed beds. HMA through its affiliates operates 71 hospitals in 15 states with approximately 11,000 licensed beds.