Kindred in Divestiture of 7 Non-Strategic Nursing Centers
July 31, 2013
Cleary Gottlieb represented Kindred Healthcare in its previously announced sale of 7 non-strategic nursing centers to affiliates of Signature Healthcare for approximately $47 million. The transaction closed on July 31. Each of the facilities is outside of Kindred’s 21 designated Integrated Care Markets and collectively contain 900 licensed nursing center beds. Five of the facilities are owned and the remaining facilities are leased. Kindred and Signature had initially agreed on the sale of eight facilities to Signature but the parties were unable to satisfy all closing conditions for the sale of one facility and Kindred elected to remove it from the transaction.