Health insurer Humana Inc., Welsh Carson Anderson & Stowe and TPG Capital Management LP completed the previously announced $4.1 billion all-cash acquisition of Kindred Healthcare Inc., a U.S. operator of healthcare facilities.
Following the deal's closing, Kindred Healthcare's shares were delisted from the New York Stock Exchange.
As a result of the transaction, Kindred's businesses will be split in two: Kindred Healthcare and Kindred at Home.
Kindred Healthcare will include Kindred's long-term acute care hospitals, inpatient rehabilitation facilities and contract rehabilitation services business, while Kindred at Home will consist of its home health, hospice and community care businesses.
Private equity firms TPG and Welsh Carson, through a separate specialty hospital company, will operate Kindred Healthcare.
Meanwhile, Kindred at Home will operate as a stand-alone company owned 40% by Humana, with the remaining 60% held by TPG and Welsh Carson. Humana will have the option to purchase the remaining 60% ownership interest in Kindred at Home from TPG and Welsh.
In other news, the consortium said its $1.4 billion acquisition of hospice operator Curo Health Services LLC will be completed later in July.