Kindred to Pay $218 Million for Hospitals, Nursing Homes
Louisville, KY-based Kindred Healthcare, Inc. announced plans to acquire five long-term acute care hospitals in Southern California, and three nursing homes in Dallas-Fort Worth in two separate cash deals totaling $218 million this week.
Kindred will pay $180 million to Rancho Cucamonga, CA-based Vista Healthcare, LLC, for the four freestanding hospitals and one hospital-in-hospital with a total of 250 beds. The assets generate annual revenues of approximately $150 million and earnings before interest, income taxes, depreciation and amortization of approximately $27 million.
"We view the Vista transaction as a great opportunity to meet the growing demand for our services in southern California and expand our hospital operations,” Kindred CEO Paul J. Diaz says. “The Vista hospitals also provide several clinical service offerings not currently available in our area hospitals providing us with an opportunity to expand our clinical services as well as attract more commercial and managed care business.”
Vista President/CEO Ara Tavitian, MD, says the combined strengths of the two companies “will promote expanded services and clinical programs that will better serve our patients and their families.
- 'Mega Boards' Could be Rural Healthcare Disruptor
- 1 in 5 Eligible Hospitals Penalized for HACs
- HL20: Rebecca Katz—Cooking Up Sustainable Nourishment
- Meaningful Use Payment Adjustments Begin
- HL20: Peter Semczuk, DDS, MPH—Taking on the Big Challenges
- PA hospital to pay $662,000 to settle Medicare fraud case
- Supreme Court to hear Obamacare subsidy challenge in March
- Dr. Oz gets fact-checked and the results aren't pretty
- How the high cost of medical care is affecting Americans
- Why single payer died in VT