Kindred reaches agreements on closings
Kindred Healthcare said Friday that it had completed additional transaction closings around the sale of its skilled nursing business.
It has so far completed the sale of 80 skilled nursing facilities and five assisted living facilities for $658 million, including 12 skilled nursing facilities since Oct. 1.
An agreement reached with BlueMountain and a landlord will let it close five leased facilities in Massachusetts. The facilities are expected to close in the second quarter of 2018.
Kindred also is selling a parcel of real property and various certificates of need related to its skilled nursing facility business estimated to be worth between $7 million and $10 million.
“We have substantially completed the divestiture of our skilled nursing facility business and continue to make steady progress on the sale of a few remaining facilities,” said Benjamin A. Breier, President and Chief Executive Officer of Kindred. “We continue to believe that the sale of our skilled nursing facility business will significantly enhance shareholder value, enable us to sharpen our focus on higher margin and faster growing businesses, and further advance our efforts to transform Kindred.”