Louisville, Ky.-based Kindred Healthcare has completed the sale of two of its long-term acute care hospitals and the acquisition of four LTAC hospitals operated by Mechanicsburg, Pa.-based Select Medical Holdings Corp.
Here are five things to know about the transactions.
1. Kindred acquired leased hospitals in Indianapolis, Houston, Denver and Colorado Springs, Colo.
2. Kindred sold its owned hospital in Cleveland and its leased hospital in Cleveland to Select.
3. In connection with these transactions, Kindred paid approximately $800,000 in additional cash consideration to Select.
4. The transactions did not include Kindred's leased hospitals in Atlanta and Northern Indiana and Select's leased hospital in San Antonio. The parties said they are continuing their efforts to close on the Atlanta and San Antonio hospitals.
5. "We are excited to take a major step forward in closing this transaction and anticipate a seamless integration as we welcome our newest Kindred teammates from these newly acquired hospitals," Benjamin A. Breier, Kindred's president and CEO, said in a prepared statement. "This transaction is an important step in our ongoing efforts to reposition our LTAC business in front of LTAC criteria. We believe these new hospitals will improve our ability to Continue the Care for our patients in several important markets."
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