LifePoint Health have entered into a definitive agreement to acquire Kindred Healthcare. The combination of LifePoint Health and Kindred Healthcare will create a diversified healthcare delivery network.
The transaction brings together LifePoint’s national network of community-based hospitals, providers, and access points with Kindred’s background in delivering long-term acute care, rehabilitation services and behavioral health services.
“Adding Kindred Healthcare to LifePoint is one of the most significant demonstrations, in our company’s history, of LifePoint’s commitment to our deeply rooted mission of Making Communities Healthier,” said David Dill, president and chief executive officer of LifePoint. “Kindred’s focus on healing and hope, provided through its long-term acute care hospitals, rehabilitation centers and most recently its behavioral health services – an important and growing need across the country – is highly complementary to the current LifePoint network,” “We are honored to welcome Kindred’s talented group of employees and providers into the LifePoint family. We share a commitment to partnerships to benefit patients, and together, we will advance clinical and quality excellence, make healthcare more accessible and support healthier communities.”
“This combination with LifePoint, one of the leading community healthcare companies in the United States, is a validation of Kindred’s success,” said Benjamin A. Breier, chief executive officer of Kindred. “Over the last several years, we have transformed Kindred into the nation’s leading specialty hospital company, known for improving outcomes and providing compassionate care for the most medically complex patients. LifePoint’s investment in Kindred underscores the outstanding reputation our team has built upon a foundation of innovation, and clinical and operational expertise. Kindred and LifePoint have highly complementary capabilities and together we will be poised to further improve patient care across the healthcare continuum. The combination with LifePoint also creates enhanced career development and advancement opportunities for our Kindred teammates who have been the driving force behind our mission of delivering hope and healing to the most medically complex patients. We are excited to move forward and realize the benefits of this combination for our patients and their families, our joint venture partners, and our team members.”
Barclays and Guggenheim Securities LLC are serving as financial advisors to Kindred and Debevoise & Plimpton LLP and Mintz Levin are serving as legal counsel to Kindred. Financing for the transaction is being provided by Barclays, Citi and RBC Capital Markets. Citi and RBC Capital Markets are also acting as financial advisors to LifePoint Health. Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison are serving as legal counsel to LifePoint Health.