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news.Gentiva Health Services has completed its acquisition of 100% of the ownership interest in Home Health Care Affiliates or HHCA and certain of its subsidiaries and affiliates for $55 million in cash, subject to post-closing adjustments.
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The transaction, which extends Gentiva’s home health operations to 37 states, has been funded from a combination of Gentiva’s existing cash balances and borrowings from its revolving credit facility. HHCA operates home health and hospice agencies in Mississippi under the brand names of Gilbert’s Home Health and Gilbert’s Hospice Care. The transaction will be accretive to Gentiva’s fiscal 2008 results.
Ron Malone, chairman and CEO of Gentiva, said: “We extend a warm welcome to all Gilbert’s employees and anticipate a smooth transition in delivering our services to home health and hospice patients in the state.”