Aug 18 2010
Gentiva Health Services, Inc. (Nasdaq: GTIV) ("Gentiva" or "the Company"), a leading provider of home health and hospice services, today announced the closing of its acquisition of Odyssey HealthCare, Inc. (Nasdaq: ODSY) ("Odyssey") in an all cash transaction for a price of $27 per share of Odyssey common stock, without interest, for an aggregate purchase price of approximately $1.0 billion, including fees and expenses.
The combination of Gentiva and Odyssey creates the largest US healthcare provider of home health and hospice services based on revenue. Annualized pro forma revenues for the twelve months ended July 4, 2010 exceeded $1.88 billion, of which approximately 59% related to home health services and approximately 41% related to hospice services. The combined hospice operations of Odyssey and Gentiva provide care to an average daily patient census of approximately 14,000 in 30 states. Gentiva raised approximately $1.1 billion in new debt financing to fund the purchase price and refinance existing debt.
"I would like to welcome all of the Odyssey employees to the Gentiva family and I look forward to building the best home care company in America with their help," commented Gentiva CEO Tony Strange. "This is truly a transformational transaction for both companies, creating the largest home health and hospice company in the US, providing service to over 330,000 patients and families annually. Given both companies positive track records, I expect integration will move quickly and seamlessly."
SOURCE Gentiva Health Services, Inc.
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