LHC Group (LHCG), LifePoint Health (LPNT) to Enter Health, Hospice Service Joint Venture
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
LHC Group, Inc. (Nasdaq: LHCG) and LifePoint Health (Nasdaq: LPNT) announced plans to form a joint venture to strengthen home health and hospice services across the country. The organizations have signed a definitive agreement to share ownership and governance of a new joint venture that will operate LifePoint’s home health agencies and hospices, as well as select LHC Group agencies located near LifePoint hospitals. Combining the collective expertise of both organizations through this joint venture will enable the development and expansion of services for both companies.
“LHC Group and LifePoint Health share a deep commitment to compassionate, patient-centered care,” said Keith G. Myers, chairman and chief executive officer of LHC Group. “This partnership brings together two culturally aligned companies that are driven by a vision of expanding home health and hospice care, ensuring that patients and families in need of these services have access to them, and improving the health of communities.”
Under the terms of the definitive agreement, the joint venture will shift day-to-day operations management of LifePoint’s home health agencies and hospices, as well as all future home health and hospice acquisitions, to LHC Group. LifePoint’s home health agencies and hospices will continue to operate under their existing names. A newly-created joint venture governing board with equal representation of both companies will direct key governance decisions.
“We are eager to finalize our partnership with LHC Group and work together to enhance our existing home health and hospice services. This partnership further demonstrates our commitment to making communities healthier beyond the walls of our hospitals and across the continuum of care,” said William F. Carpenter III, chairman and chief executive officer of LifePoint Health. “Post-acute services are an increasingly important part of our business and our communities’ healthcare needs. By leveraging LHC Group’s expertise, we will gain access to the resources and the infrastructure needed to enhance our existing home health and hospice services, invest more in care coordination across our network, and expand access to these services in all our communities.”
LHC Group maintains 133 hospital and health system partnered home health and hospice locations, and more than 300 post-acute care locations across 25 states. LifePoint currently operates 20 home health and 10 hospice locations within its network of more than 70 hospitals in 22 states.
The joint venture is anticipated to commence operations at the end of 2016, subject to certain regulatory approvals and customary closing conditions.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- PICO Holdings (PICO) Announces Leadership, Governance Changes; Terminates Central Square Agreement
- SoTHERLY Hotels (SOHO) Approves $10M Stock Buyback Plan
- Sears Holdings (SHLD) Director Mnuchin Resigns Amid Trump Nod
Create E-mail Alert Related CategoriesCorporate News, Hot Corp. News, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!