Kindred Healthcare to Be Acquired for $4.1 Billion

Cleary Gottlieb is representing Kindred Healthcare in its acquisition by a consortium consisting of TPG Capital, Welsh, Carson, Anderson & Stowe and Humana Inc. for approximately $4.1 billion in cash including the assumption or repayment of net debt.

The deal was announced on December 19, 2017.

Kindred, with annual revenues of approximately $6.1 billion, operates home health, hospice and community care businesses; long-term acute care hospitals; inpatient rehabilitation facilities; and a contract rehabilitation services business.

Immediately following the acquisition, the home health, hospice and community care businesses will be separated from Kindred and operated as a standalone company owned by Humana, TPG and Welsh Carson. Kindred’s LTAC hospitals, IRFs and contract rehabilitation services businesses will be operated as a separate specialty hospital company owned by TPG and Welsh Carson.