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| LHCG > SEC Filings for LHCG > Form 8-K on 7-Feb-2013 | All Recent SEC Filings |
7-Feb-2013
Other Events, Financial Statements and Exhibits
On February 7, 2013, LHC Group, Inc. (the "Company") entered into a definitive agreement to acquire the home health service line of Addus HomeCare Corp. ("Addus") for $20 million in cash. The transaction is subject to customary closing conditions with an expected closing on or about February 28, 2013.
Pursuant to the agreement, the Company will acquire 19 home health agencies and two hospice agencies in five states (the "Acquired Locations"). When the transaction is complete, the Company will operate more than 300 post-acute care locations in 23 states nationwide.
Specifically, the Company will acquire 100 percent of the assets of three home health agencies in Arkansas, one home health agency and two hospice agencies in South Carolina and one home health agency in Nevada. The Company will acquire 90 percent of the assets of eight home health agencies in Illinois and six in California, with Addus retaining a 10 percent ownership interest in those locations. Both Arkansas and South Carolina are certificate of need states.
The estimated 65 and older population in the acquired service area totals 2.6 million. Aggregate annual revenue for the Acquired Locations is approximately $36.7 million.
The Company issued a press release announcing entry into the definitive agreement, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
(d) Exhibits
EXHIBIT NO. DESCRIPTION
99.1 Press Release dated February 7, 2013
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