Providence Secures Antitrust Approval in Acquisition of Plum
September 21, 2021
Cleary Gottlieb represented Providence Group Inc. (Providence) on antitrust matters related to its acquisition of Plum Healthcare Group LLC (Plum).
The $123.4 million transaction was signed on February 25, 2021.
Providence obtained antitrust approval for the transaction after receiving a “second request” and subject to only the divestiture of a single skilled nursing facility (SNF) in Lake County, California. The Cleary team worked closely with Federal Trade Commission and California Attorney General to reach this result, with the California Attorney General filing the proposed settlement in federal court on September 21, 2021.
Providence and Plum each own and operate SNFs. Providence owns SNFs in California, Kentucky, Missouri, Ohio, South Carolina, and Texas. Plum owns and operates SNFs in California and Nevada. SNFs provide a high-level of care to patients with chronic medical conditions or that need rehabilitation services.