POSSIBLE DEAL: Community Health Systems Inc. plans to spend $3.9 billion to acquire Health Management Associates Inc. in a deal that would create the largest for-profit hospital chain based on the number of hospitals.

POSSIBLE DEAL: Community Health Systems Inc. plans to spend $3.9 billion to acquire Health Management Associates Inc. in a deal that would create the largest for-profit hospital chain based on the number of hospitals.

HOW BIG?: The deal would create a chain with about 206 hospitals in 29 states with a heavy presence in the South.

THE PARTICULARS: Community Health said Tuesday it will pay a combination of cash and stock valued at $13.78 for each HMA share. It also may make an additional contingent value right payment of up to $1 per share.