Alston & Bird advised Harden Healthcare Holdings, Inc., in its $410 million tax-free merger with Gentiva Health Services, Inc. (GTIV). Harden Healthcare, based in Austin, Texas, is a diversified health care services company that provided home health, hospice and community care services. Gentiva Health Services is a publicly traded national provider of home and hospice services based in Atlanta, Georgia.
Special and complex dynamics of the transaction included a mix of consideration consisting of $355 million in cash and $53.8 million in Gentiva common stock (with registration rights), rights to a seat on the board of Gentiva Health Services, and a tax-free spin-off of Harden’s long-term care business to Harden’s former shareholders.
Prior to the sale, Harden Healthcare was owned principally by Capstar Partners, LLC, a private investment firm based in Austin, Texas. Barclays served as the investment banker for Harden Healthcare. Gentiva Health Services is traded on the Nasdaq system and received investment banking advice from Edge Healthcare Partners in the transaction.
The Alston & Bird team was led by Steve Pottle, Sarah Ernst and Russell Hilton. The firm’s team also included attorneys Kate Moseley, Stacie Cargill, Sam Kaywood, Andy Immerman, Bill Jordan, Jack Cummings, Adam Biegel, Blake MacKay, Rob Stone, Nathan Kibler and Trey Stephens.
The full press release regarding this transaction can be found at http://finance.yahoo.com/news/gentiva-health-services-acquire-harden-100000136.html.