LOUISVILLE, Ky. & SAN FRANCISCO & NEW YORK–(BUSINESS WIRE)–Humana Inc. (NYSE: HUM), TPG Capital (TPG) and Welsh, Carson, Anderson & Stowe (WCAS) (collectively, the Consortium) today announced the completion of the previously announced acquisition of Kindred Healthcare, Inc. (Kindred).
In connection with the closing and in accordance with the terms of the agreement, Kindred’s long-term acute care (LTAC) hospitals, inpatient rehabilitation facilities (IRF) and contract rehabilitation services business (collectively, Kindred Healthcare) were separated from Kindred’s home health, hospice, and community care businesses (collectively, Kindred at Home). Kindred Healthcare will be operated as a separate specialty hospital company owned by TPG and WCAS. Kindred at Home will be operated as a standalone company owned 40 percent by Humana, with the remaining 60 percent owned by TPG and WCAS. Humana will have a right to buy the remaining ownership interest in Kindred at Home over time through a put/call arrangement.
As a result of the completion of the acquisition, Kindred’s stock has ceased trading on the New York Stock Exchange.
The Consortium expects the closing of the separate, previously announced acquisition of Curo Health Services to occur later this month.
About TPG
TPG is a leading global alternative asset firm founded in 1992 with more than $82 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com.
About Welsh, Carson, Anderson & Stowe (WCAS)
WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22 billion. The Firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which closed on over $3.3 billion in commitments. WCAS has a current portfolio of approximately twenty companies. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. See www.wcas.com to learn more.
About Humana
Humana Inc. is committed to helping our millions of medical and specialty members achieve their best health. Our successful history in care delivery and health plan administration is helping us create a new kind of integrated care with the power to improve health and well-being and lower costs. Our efforts are leading to a better quality of life for people with Medicare, families, individuals, military service personnel, and communities at large.
