Kindred Healthcare announced it has signed an agreement to sell 12 long-term acute care hospitals to Curahealth LLC for $27.5 million.
Kindred President and CEO Benjamin A. Breier said in a statement released Monday that the transaction creates both strategic and financial value for the Louisville-based health care giant.
“We are pleased to announce this sale of 12 [long-term acute care] hospitals to Curahealth, as this transaction creates both strategic and financial value for Kindred,” he said. “Optimizing our LTAC hospital portfolio is a key element of our LTAC criteria mitigation strategy, and this transaction is another important step forward in our efforts.”
The hospitals have 783 beds in six states: Arizona, Louisiana, Massachusetts, Oklahoma, Pennsylvania and Tennessee.
Curahealth is an affiliate of a private investment fund sponsored by Nautic Partners. For the full fiscal year 2016, Kindred projects the hospitals will generate combined revenues of approximately $215 million.
According to the statement, officials expect the deal with Curahealth to close in the third quarter of this year.