LHC Group finalizes deal to purchase Saint Mary’s Hospice in Reno
RENO, Nev. — LHC Group (NASDAQ: LHCG) and Saint Mary’s Regional Medical Center in August announced the finalization of an equity partnership agreement to purchase and share ownership of Saint Mary’s Hospice of Northern Nevada.
According to a news release provided on behalf of LHC Group on Aug, 1, the company is purchasing majority ownership of the provider and assuming management responsibility.
Saint Mary’s Hospice, located at 690 Sierra Rose Drive in Reno, will maintain its current name and location, officials said.
The agreement expands LHC Group’s partnership with St. Mary’s. In May, the two organizations reportedly announced a similar agreement to operate Saint Mary’s Home Care, a home health provider.
Like the August deal, Saint Mary’s Home Care will maintain its current name and location (18653 Wedge Parkway, No. 300, Reno).
Financial terms of both deals were not disclosed. LHC Group, based in Lafayette, La., was founded in 1994 in Novato, Calif.
The unanimous approvals Wednesday came despite state leaders promising to tighten up requirements for Nevada’s tax abatements and incentives for future companies.