Kindred Healthcare, Inc. Louisville, has purchased five long-term acute care (“LTAC”) hospitals from Vista Healthcare, LLC for $180 million in cash. The deal includes four freestanding hospitals and one hospital-in-hospital with a total of 250 beds all located in southern California.
Additionally, Kindred said that it had signed agreement to acquire three recently constructed nursing and rehabilitation centers in the Dallas-Fort Worth market for a purchase price of $38 million in cash. Kindred currently operates six hospitals and is developing a co-located hospital-based subacute unit in the Dallas-Fort Worth market.
In its announcement, Kindred said that it intends to develop two of the three Dallas nursing centers into transitional care centers, focused on short-term rehabilitation and medically complex patients. It will also add a transitional care unit to the third nursing center.
These three owned nursing and rehabilitation centers have a total of 405 beds.
Paul J. Diaz, President and CEO of Kindred commented in the press release, "The Vista transaction adds five quality hospitals to our southern California cluster market. The nursing and rehabilitation center transaction offers us the opportunity to acquire three relatively new, owned facilities and develop them into transitional care centers to complement our existing hospital services in the Dallas-Fort Worth cluster market, where we currently operate six hospitals. This transaction also allows us to continue to add to our owned real property base. By expanding our continuum of post-acute care services and clinical expertise, these acquisitions will allow us to better serve the needs of patients, families, physicians and payors of healthcare in these markets."
(Source: Press Release)
