Cleary Gottlieb Reps Kindred In $1.3B RehabCare Buy

Law360, New York (February 8, 2011, 1:12 PM EST) -- Kindred Healthcare Inc. said Tuesday it plans to acquire RehabCare Group Inc. in a $1.3 billion deal that will create the nation's largest post-acute health care services company, with more than $6 billion in revenue and operations in 46 states.

The deal adds to consolidation in the long-term acute care sector. Just over 15 months ago RehabCare Group entered into a $570 million deal to snap up Triumph Healthcare, then the nation's third-largest provider.

Louisville, Ky.-based Kindred Healthcare said RehabCare shareholders would receive $26 per share...
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