Nashville, Tenn.-based HCA Healthcare will pay $400 million to acquire 80 percent of Brookdale Senior Living's hospice, home health and outpatient therapy division.
The unit HCA will acquire is Brookdale Health Care Services, which operates 57 home health agencies, 22 hospice agencies and 84 outpatient therapy locations.
Brookdale Senior Living will retain a 20 percent stake in the hospice, home health and outpatient therapy division.
The two organizations said they expect the transaction to close midyear.
HCA delivers care at more than 2,000 sites, and the deal will extend its reach beyond hospitals, surgery centers and freestanding emergency rooms.
"HCA Healthcare's objective is to be the healthcare system of choice in the communities we serve through the development of comprehensive services and by delivering high quality, convenient care to our patients," said Sam Hazen, HCA Healthcare's CEO. "We believe this opportunity to partner with Brookdale will expand the services we offer and enhance our ability to deliver a better experience for our patients as well as for Brookdale residents."