Jan 20 (Reuters) - BrightSpring Health Services BTSG.O said on Monday it would divest its community-based healthcare division to healthcare services provider Sevita for $835 million in a move to streamline its business and reduce debt.
BrightSpring, which provides home health, rehab and hospice care, said the divestiture will help improve operational efficiency and increase capital for growth. The deal is expected to generate $715 million in after-tax cash proceeds that will be used to pay down debt.
ResCare Community Living, which is being divested, was expected to generate about $1.2 billion in revenue in 2024, according to the company, and serves approximately 14,000 clients with the help of 13,500 employees.
Kentucky-based BrightSpring went public in January last year with a valuation of $2.5 billion, and backing from private equity firm KKR & Co.
The transaction is expected to close in 2025, subject to regulatory approvals.
(Reporting by Savyata Mishra in Bengaluru; Editing by Sherry Jacob-Phillips)
((Savyata.Mishra@thomsonreuters.com;))
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