News

Humana, TPG Capital and Welsh, Carson, Anderson & Stowe have completed their previously announced take-private acquisition of Louisville, Kentucky-based Kindred Healthcare Inc, a healthcare services provider. No financial terms were disclosed. As a result of the closing, Kindred has stopped trading on the New York Stock Exchange.

PRESS RELEASE

LOUISVILLE, Ky. & SAN FRANCISCO & NEW YORK–(BUSINESS WIRE)–Humana Inc. (NYSE: HUM), TPG Capital (TPG) and Welsh, Carson, Anderson & Stowe (WCAS) (collectively, the Consortium) today announced the completion of the previously announced acquisition of Kindred Healthcare, Inc. (Kindred).

In connection with the closing and in accordance with the terms of the agreement, Kindred’s long-term acute care (LTAC) hospitals, inpatient rehabilitation facilities (IRF) and contract rehabilitation services business (collectively, Kindred Healthcare) were separated from Kindred’s home health, hospice, and community care businesses (collectively, Kindred at Home). Kindred Healthcare will be operated as a separate specialty hospital company owned by TPG and WCAS. Kindred at Home will be operated as a standalone company owned 40 percent by Humana, with the remaining 60 percent owned by TPG and WCAS. Humana will have a right to buy the remaining ownership interest in Kindred at Home over time through a put/call arrangement.

As a result of the completion of the acquisition, Kindred’s stock has ceased trading on the New York Stock Exchange.

The Consortium expects the closing of the separate, previously announced acquisition of Curo Health Services to occur later this month.

About TPG
TPG is a leading global alternative asset firm founded in 1992 with more than $82 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG’s investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com.

About Welsh, Carson, Anderson & Stowe (WCAS)
WCAS focuses its investment activity in two target industries: technology and healthcare. Since its founding in 1979, WCAS has organized 16 limited partnerships with total capital of over $22 billion. The Firm is currently investing an equity fund, Welsh, Carson, Anderson and Stowe XII, L.P., which closed on over $3.3 billion in commitments. WCAS has a current portfolio of approximately twenty companies. WCAS’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. See www.wcas.com to learn more.

About Humana
Humana Inc. is committed to helping our millions of medical and specialty members achieve their best health. Our successful history in care delivery and health plan administration is helping us create a new kind of integrated care with the power to improve health and well-being and lower costs. Our efforts are leading to a better quality of life for people with Medicare, families, individuals, military service personnel, and communities at large.

To accomplish that, we support physicians and other health care professionals as they work to deliver the right care in the right place for their patients, our members. Our range of clinical capabilities, resources and tools – such as in-home care, behavioral health, pharmacy services, data analytics and wellness solutions – combine to produce a simplified experience that makes health care easier to navigate and more effective.

More information regarding Humana is available to investors via the Investor Relations page of the company’s website at humana.com, including copies of:

Annual reports to stockholders;
Securities and Exchange Commission filings;
Most recent investor conference presentations;
Quarterly earnings news releases and conference calls;
Calendar of events; and
Corporate Governance information.

About Kindred Healthcare
Kindred Healthcare is a healthcare services company based in Louisville, Kentucky with annual revenues of approximately $3.4 billion(1). At March 31, 2018, Kindred Healthcare through its subsidiaries had approximately 38,300 employees providing healthcare services in 1,831 locations in 45 states, including 75 LTAC hospitals, 19 inpatient rehabilitation hospitals, 13 sub-acute units, 98 inpatient rehabilitation units (hospital-based) and contract rehabilitation service businesses which served 1,626 non-affiliated sites of service. Ranked as one of Fortune magazine’s Most Admired Healthcare Companies for nine years, Kindred Healthcare’s mission is to promote healing, provide hope, preserve dignity and produce value for each patient, resident, family member, customer and employee we serve. For more information, go to www.kindredhealthcare.com. You can also follow us on Twitter and Facebook.

About Kindred at Home
Kindred at Home is primarily a home health, hospice and community care services company with annual revenues of approximately $2.6 billion(1). At March 31, 2018, Kindred at Home through its subsidiaries had approximately 46,000 employees providing healthcare in 606 home health, hospice and non-medical home care sites of service in 40 states. For more information, go to www.kindredhealthcare.com. You can also follow us on Twitter and Facebook.