Benzinga | Feb 25, 2021 07:20AM EST

Brookdale Offloads Majority Stake In Health Care Services To HCA Healthcare For $400M

* Brookdale Senior Living Inc (NYSE: BKD) has agreed to sell 80% of the equity in its hospice, home health, and outpatient therapy business to HCA Healthcare Inc (NYSE: HCA) for $400 million.

* In December, Brookdale had indicated that it would consider a sale or spin-off of its health care services segment after taking a series of financial punches from the coronavirus pandemic. Brookdale will retain a 20% equity interest.

* Brookdale Health Care Services operates 57 home health agencies and 22 hospice agencies across 26 states, along with 84 outpatient therapy locations.

* HCA Healthcare has more than 2,000 sites of care, at which more than 32 million patient encounters occur annually. Brookdale will join HCA Healthcare's network of care through the new venture.

* Price Action: BKD closed 0.6% lower at $4.91, while HCA closed 0.2% higher at 175.43 on Wednesday.