Lafayette, Louisiana-based LHC Group Inc. has announced it will purchase a majority stake in Brookdale Health Care Services from the recently formed home health, hospice and outpatient therapy joint venture between HCA Healthcare and Brookdale Senior Living Inc.
Terms were not disclosed in a release.
The announcement comes after HCA Healthcare in July paid $400 million for 80 percent of Brookdale Health Care Services, the Brentwood-based company’s home health and outpatient therapy division (read here). That deal is related to the recent purchase, according to the release.
Brookdale Health Care Services agencies, which are not located in areas served by HCA Healthcare, include 23 home health locations, 11 hospice agencies and 13 therapy agencies across 22 states.
LHC Group expects the purchase to yield annual revenue of approximately $146 million. The agencies will continue to operate under their existing brands and locations, according to the release.
A fourth quarter closing is expected.
“We are looking forward to working with LHC Group, another national provider of healthcare services,” Cindy Baier (pictured), Brookdale Senior Living president and chief executive officer, said in the release. “This transaction will further strengthen our liquidity, maintain our 20 percent interest in the venture with HCA Healthcare, and ensure that high-quality home health and hospice services continue to be available to our residents at communities in these markets.”