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CHARTER MEDICAL AND QUORUM SIGN DEFINITIVE PURCHASE AGREEMENT FOR HOSPITAL PURCHASE

 MACON, Ga., and NASHVILLE, Tenn., Aug. 16 /PRNewswire/ -- Charter Medical Corporation (AMEX: CMD) and Quorum Health Group, Inc. signed today a definitive purchase agreement under which an affiliate of Quorum Health Group will buy for $340 million the stock of Charter's subsidiaries that own 10 acute care hospitals and related assets.
 The transaction is expected on or before Sept. 30, and is subject to the satisfaction of customary closing conditions and obtaining certain regularly approvals.
 On Aug. 9, the companies said that they had reached agreements in principle for the transaction. Quorum said that it intends to finance the acquisition with additional equity and an expansion of its current credit facility. Charter said that it will use proceeds from the sale to reduce senior debt.
 The 10 hospitals, with a total of 1,421 licensed beds, are located in Georgia, Louisiana, Texas, Nevada, California, Iowa and Virginia.
 Charter Medical Corporation is an international health care provider and operates 78 psychiatric hospitals in the United States and Europe.
 Quorum Health Group, Inc., is a privately held company which owns and operates acute care hospitals. A subsidiary, Quorum Health Resources, Inc., is the nation's largest hospital management company, with client hospitals throughout the United States.
 -0- 8/16/93
 /CONTACT: Analysts: Nancy Gore, 912-742-1161, or Media: Andrew Brimmer, 212-484-7754, both of Charter Medical Corporation; or Mike Wiley, 615-340-5735, or Sandy Anthony, 615-340-5737, both of Quorum Health Group/
 (CMD)


CO: Charter Medical Corporation; Quorum Health Group, Inc. ST: Georgia, Tennessee IN: HEA SU: TNM

BR-RA -- AT008 -- 3250 08/16/93 16:31 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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