The Ensign Group Inc. completed the spinoff of its home health, hospice and senior living businesses into a separate company named The Pennant Group Inc., effective Oct. 1.
Following the completion, Ensign's stockholders received one common share of Pennant Group for every two shares of Ensign held at the close of business Sept. 20. Cash payments will be made in place of any fractional shares.
Post-spinoff, Ensign includes transitional and skilled services, rehabilitative care services, healthcare campuses, post-acute-related new business ventures and real estate investments whereas The Pennant Group consists of all of Ensign's senior living operations including home health and hospice operations.
Daniel Walker, the former president of Ensign's home health and hospice holding company Cornerstone Healthcare, became the chairman, CEO and president of Pennant after the spinoff, while Ensign's former executive chairman, Christopher Christensen, became a director of Pennant.
The Pennant Group's stock is listed on the Nasdaq under the PNTG symbol, while Ensign continues to be listed on the Nasdaq under the ENSG symbol.
Bank of America Merrill Lynch served as lead financial adviser to Ensign in connection with the spinoff, while Kirkland & Ellis LLP served as its legal advisor.
