Community Health Systems, Inc. (NYSE:CYH) announced recently that a subsidiary of the Company has signed a definitive agreement to sell a majority ownership interest in the Company's Home Health division to a subsidiary of Almost Family, Inc. (NASDAQ:AFAM).

The Company has previously announced plans to reduce and refine its overall portfolio with proceeds being used to pay down debt. This transaction is one of the five transactions discussed on the Company's second quarter 2016 earnings call.

Commenting on the announcement, Wayne T. Smith, chairman and chief executive officer of Community Health Systems, Inc., said, "This partnership will become a part of one of the nation's largest providers of home health services, with 340 branches across 26 states sharing a mutual goal of providing quality clinical services to patients after discharge. We believe the agencies in the Company's Home Health division will benefit from affiliation with an organization specializing in home health care. The transaction also advances our strategy to focus on a more sustainable and successful portfolio of hospitals and regional healthcare systems."

The transaction is expected to close in the fourth quarter of this year, subject to customary regulatory approvals and closing conditions.