From the January/February 2022 issue of HealthCare Business News magazine
Both LifePoint and ScionHealth will have separate leadership and boards of directors. ScionHealth will be headquartered in Louisville where Kindred currently is and be managed by both LifePoint and Kindred executives. Rob Jay, executive vice president of integrated operations at LifePoint, will become the CEO of ScionHealth. Dill, meanwhile, will remain president and CEO of LifePoint, which will continue to be headquartered in Nashville.
Benjamin Breier, CEO of Kindred Healthcare, will leave the company following the completion of the transaction. “Our patients and partners will greatly benefit from two well-capitalized and diversified companies that are unique in their focus but also share a deep commitment to quality care, collaboration, and creating great workplaces.”
LifePoint announced its intention to acquire Kindred back and invest $1.5 billion into the organizations back in June. Both companies are owned by private equity players. LifePoint was acquired by PE firm Apollo for $5.6 billion in 2018, while a number of PE groups, including Humana, bought Kindred in 2017 for $4.1 billion. The groups later split off its long-term care and home health businesses, according to Healthcare Dive. Humana agreed to buy the remaining stake in Kindred at Home for $5.7 billion in April of that year, the largest acquisition in the payer's history.
The acquisition is expected to be completed by the end of the year and will be subject to customary closing conditions. LifePoint and ScionHealth expect to enter into transition service arrangements to support operations at both companies following the closing.
No financial details were disclosed.
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