Chemed's Subsidiary To Purchase Hospice Assets Of Covenant Care For $85 Mln In Florida, Alabama

(RTTNews) - Chemed Corp. (CHE) Wednesday announced that its wholly-owned subsidiary Vitas Healthcare Corp. has signed an agreement on March 12, 2024, to purchase all hospice operations and an assisted living facility from Covenant Health and Community Services, Inc. operating as Covenant Care for $85 million.

The hospice operations of Covenant cover areas in Florida and Alabama, such as Tallahassee, Marianna, Fort Walton Beach, Panama City, Crestview, and Pensacola in Florida, and Dothan and Mobile/Daphne in Alabama.

The deal is structured as an asset purchase, with plans to finalize it in the second quarter, pending specific approvals.