Kindred Healthcare bought by Tennessee-based company
LOUISVILLE, Ky. (WAVE) - One of Louisville’s largest employers, Kindred Healthcare, has been purchased by a new company.
Tennessee-based company LifePoint Health is acquiring the specialty hospital company, which was confirmed by CEO of Kindred Healthcare Ben Breier. The transaction should be completed by the end of this year.
It will continue to operate under the Kindred name, will be led by Kindred’s management team, and the Kindred Support Center will remain in Louisville.
Over the next three years, LifePoint Health plans to invest approximately $1.5 billion into the combined company. Additionally, the company plans on offering more healthcare services without increasing costs for its patients.
Breier released the following statement regarding the buyout:
“This transaction validates Kindred’s strategy of transforming Kindred into the country’s leading specialty hospital company, and this is a natural next step in our evolution.
We believe partnering with LifePoint will benefit our patients and their families, our team members, our joint venture partners, and our communities. The pandemic highlighted the value and importance of coordinating care across the healthcare continuum, especially when treating the most medically complex patients. Kindred and LifePoint will leverage our combined resources and complementary capabilities to further improve patient care across the healthcare continuum. We also believe combining our companies will create new opportunities for growth and professional development for Kindred team members. Kindred and LifePoint share similar values and cultures, a record of delivering compassionate, quality care that improves patient outcomes, and a commitment to embracing partnerships that enhance access to value-based healthcare services in underserved communities.
Following completion of the transaction, which we expect in the fourth quarter of 2021, we will continue to operate under the Kindred brand name, we will be led by Kindred’s management team, and the Kindred Support Center will maintain an important presence in Louisville.”
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