Kindred Healthcare Signs Definitive Acquire 5 Hospitals and Three Nursing Centers Southern California and Dallas-Fort Worth Clus
Posted Aug 24 2010 11:32am
The purchase is subject to regulatory approval and the acquisition does not include any liabilities. In addition to the California facilities, there are 3 nursing facilities in Texas included in the prospective purchase. Kindred has annual revenues of over 4 billion and operates in 40 states and is actively traded on Wall Street. BD
From the Kindred Website:
“Kindred Healthcare, Inc. is a healthcare services company that through its subsidiaries operates hospitals, nursing centers and a contract rehabilitation services business across the United States. At December 31, 2009, our hospital division operated 83 long-term acute care (“LTAC”) hospitals (6,580 licensed beds) in 24 states. Our health services division operated 222 nursing and rehabilitation centers (27,523 licensed beds) in 27 states. We also operated a contract rehabilitation services business that provides rehabilitative services primarily in long-term care settings.Our company stock is traded on the New York Stock Exchange under the ticker symbol KND.”
LOUISVILLE, Ky., Aug 24, 2010 (BUSINESS WIRE) -- Kindred Healthcare, Inc. (the "Company") today announced that its subsidiaries have signed a definitive agreement to acquire five long-term acute care ("LTAC") hospitals from Vista Healthcare, LLC ("Vista") for a purchase price of $180 million in cash.
Vista operates four freestanding hospitals and one hospital-in-hospital with a total of 250 beds all located in southern California. The assets being acquired currently generate annualized revenues of approximately $150 million and earnings before interest, income taxes, depreciation and amortization of approximately $27 million. The Company is not acquiring the working capital of Vista or assuming any of its liabilities. All of the Vista hospitals are leased. The Company expects to finance the transaction with proceeds from its revolving credit facility.