LOUISVILLE, Ky. (WDRB) – Louisville-based Kindred Healthcare is no longer a publicly traded company.

Humana, also based in Louisville, and a pair of private equity firms completed their $820 million acquisition of Kindred, the companies said Monday.

The deal is valued at a little more than $4 billion when considering the assumption of Kindred’s debt.

As first announced in December, Kindred will be split into distinct companies, one focused on specialty hospitals and the other on in-home care.

Humana, a health insurer whose main business is private Medicare plans, will eventually own all of Kindred’s home care operations, called Kindred at Home.

For Humana, home-based care is a key strategy for improving  health and controlling costs among the 3 million seniors it insures through Medicare Advantage.

The specialty hospital company, now owned by private equity firms TPG Capital and Welsh, Carson, Anderson & Stowe, retains the Kindred Healthcare name and is led by Ben Breier, who was CEO of Kindred at the time it agreed to the sale.

The $9-per-share deal gave Kindred shareholders only a slight premium over the company’s market trading price in late 2017, but stockholders approved the deal in a vote in April.

Brigade Capital Management, one of Kindred’s biggest shareholders, sued in March in an unsuccessful attempt to block the sale. Brigade said Kindred’s board picked a “terrible” time to sell and settled for a unfairly low price.

Reach reporter Chris Otts at 502-585-0822, cotts@wdrb.com, on Twitter or on Facebook. Copyright 2018 WDRB News. All rights reserved.