Humana, TPG Capital and Welsh, Carson, Anderson & Stowe completed their acquisition of Louisville, Ky.-based post-acute care provider Kindred Healthcare for $4.1 billion in cash, including assumption of debt.
The trio signed a definitive agreement Dec. 19 to acquire Kindred. TPG Capital and Welsh, Carson, Anderson & Stowe will own and operate Kindred's long-term acute care hospitals, inpatient rehabilitation facilities and contract rehabilitation services business as a separate specialty hospital company. The private equity firms will also operate 60 percent of Kindred's home health, hospice and community care businesses as a standalone company, with Humana owning the remaining 40 percent.
Humana will have a right to buy the firms' 60 percent ownership interest at a later date through a put/call arrangement.
The trio also expects a separate $1.4 billion acquisition of Curo Health Services, a hospice operator based in Mooresville, N.C., to close later in July.