EL SEGUNDO, Calif., Sept. 10 /PRNewswire-FirstCall/ -- DaVita Inc. (NYSE: DVA) announced today that it has acquired 85% of the outstanding stock of HomeChoice Partners, Inc. for approximately $65 million in cash. HomeChoice, based in Norfolk, Virginia, provides a broad range of infusion therapy services to patients with acute or chronic conditions that can be treated at home or at an ambulatory infusion suite. HomeChoice has reported approximately $37 million in trailing twelve month revenue and currently serves over 2000 patients in Virginia, North Carolina, South Carolina and Georgia. The acquisition is expected to be EPS neutral in the first year.
The remaining 15% ownership interest will be retained by current HomeChoice senior management. This minority interest is subject to annual put and call options beginning 4 years from the date of closing.
"HomeChoice is a high quality company in a large and fragmented healthcare segment. It has an experienced management team that will fit well with DaVita's culture and our focus on outstanding clinical outcomes. We have modest initial growth plans, but as we learn the business we will evaluate the possibility for further investment in infusion services," said Kent Thiry, CEO of DaVita.
"HomeChoice is proud and excited to be part of a national healthcare company where the primary focus is to be the leader in patient outcomes. DaVita and HomeChoice are totally aligned in our goal to maintain that clinical leadership," said Mary Ann Cope, founder and President of HomeChoice.
This release contains forward-looking statements. Factors which could impact future results include the risk factors set forth in DaVita's SEC filings, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2007. The forward-looking statements should be considered in light of these risks and uncertainties. DaVita undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
|SOURCE DaVita Inc.|
Copyright©2007 PR Newswire.
All rights reserved