KENNETT SQUARE, Pa., May 2, 2016 /PRNewswire/ — Genesis HealthCare (Genesis), one of the nation’s largest providers of post-acute care, today announced that it has completed the previously announced divestiture of the majority of its home health and hospice operations. The operations were sold to Compassus, a nationwide network of community-based hospice and palliative care programs, for $72.0 million in cash and a short-term $12.0 million promissory note.
The hospice and home health operations, which were acquired via its February 2015 combination with Skilled Healthcare, are located in California, Idaho, Montana, and New Mexico. In 2015, Genesis’ home health and hospice businesses had aggregate revenue and EBITDA totaling approximately $70 million and $9 million, respectively.
Genesis intends to use the sale proceeds to repay indebtedness.
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