Kindred Healthcare selling long-term care hospitals
LOUISVILLE, Ky. (AP) – Kindred Healthcare announced it has signed an agreement to sell 12 long-term acute care hospitals to Curahealth LLC for $27.5 million.
Kindred President and CEO Benjamin A. Breier says in a statement released Monday that the transaction creates both strategic and financial value for the Louisville-based health care giant.
The hospitals have 783 beds in six states: Arizona, Louisiana, Massachusetts, Oklahoma, Pennsylvania and Tennessee.
Curahealth is an affiliate of a private investment fund sponsored by Nautic Partners, which Breier says has a successful track record in health care. For the full fiscal year 2016, Kindred projects the hospitals will generate combined revenues of approximately $215 million.
According to the statement, officials expect the deal with Curahealth to close in the third quarter of this year.
Copyright 2016 The Associated Press.