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Kindred Sells Skilled Nursing Facility Business for $700M

Kindred Healthcare Inc. (KND) said Friday, June 30, it has inked a deal to sell its skilled nursing facility business for $700 million in cash to a joint venture led by alternative asset manager BlueMountain Capital Management LLC.

The divestiture comes after Kindred in November of last year announced its decision to exit its skilled nursing facility business as both an owner and an operator.

Louisville, Ky.-based Kindred is selling 89 nursing centers with 11,308 licensed beds and seven...