Freeman Health to acquire four CHS hospitals in northwest Arkansas
Transaction Announcement
Freeman Health of Joplin, MO has signed a definitive agreement to acquire Northwest Health, a four-hospital subsidiary of Community Health Systems (NYSE: CYH) in Bentonville, Johnson, Siloam Springs, and Springdale, Arkansas.
The transaction represents a significant cross-border growth milestone for Freeman, the largest employer in the region. It is an example of the broader trend of for-profit companies divesting hospitals to regionally prominent non-profit systems, converting their tax status. The parties expect to close following regulatory approval in the second quarter of 2026.
“This is a meaningful moment for Freeman and the communities we serve,” said President and CEO of Freeman Health System Matthew Fry. “While this marks our first expansion into Arkansas, it is a natural extension of our longstanding regional presence. Northwest Health has a long history of caring for its communities, and we are honored to continue that legacy while bringing forward Freeman’s commitment to compassionate, community-focused care.”
Tax-status conversion transactions have meaningfully shaped the structure of the health system industry, as companies pursue regional density and scale to bring innovation, investment and knowhow that allow for medical and operational performance improvements.
Juniper’s Role
Juniper Advisory served as Freeman’s M&A advisor, supporting the transaction process from strategic evaluation through execution. Juniper assisted with the transaction design, structure, diligence, and negotiation, helping advance an outcome focused on serving communities.
For more information, please contact:
Brent McDonald | 214.505.4961 | bmcdonald@juniperadvisory.com
Adam Davis | 914.589.5813 | adavis@juniperadvisory.com
About Freeman Health System
Locally owned and nationally recognized, Freeman Health System includes Freeman Hospital West, Freeman Hospital East, Freeman Neosho Hospital and Ozark Center – the area’s largest provider of behavioral health services – as well as two urgent care clinics, dozens of physician clinics and a variety of specialty services. A not-for-profit health system, Freeman provides cancer care, heart and vascular care, neurology and neurosurgery, orthopedics, children’s services, and women’s services and has more than 300 physicians on staff. Additionally, Freeman is the only Children’s Miracle Network Hospital in a 70-mile radius.
About Community Health Systems, Inc.
Community Health Systems, Inc. is one of the nation’s largest healthcare companies. The Company’s affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 34 distinct markets across 13 states. The Company’s subsidiaries own or lease 65 affiliated hospitals with more than 9,000 beds and operate more than 900 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers. 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.”
About Juniper Advisory
Juniper is a specialized investment banking firm focused exclusively on nonprofit hospital system mergers and acquisitions. The team is often regarded as the most experienced in the country advising health systems on business combination transactions over four decades.