On Tuesday, Brightspring Health Services (Nasdaq: BTSG) announced that its majority shareholder, the investment firm KKR & Co. (NYSE: KKR), plans to sell 14 million Brightspring shares through a secondary offer, with the option of selling 2.1 million additional actions.
KKR has almost 93 million Brightspring shares, which represent 54.2% of the company’s in circulation shares, according to publicly available documents.
Brightspring, based in Louisville, Kentucky, offers home -based services and community, including home care, home medical care and primary care at home, for complex populations. It works in the 50 states. The company was made public in January 2024.
The news of the offer occurs less than a year after he agreed to acquire 11.6 million shares of Walgreens Boots Alliance (Nasdaq: WBA).
KKR and an affiliate from Walgreens Boots Alliance bought Brightspring for $ 1.32 billion in 2019.
Recently, Amedisys (Nasdaq: AMED) and United Group (NYSE: UNH) announced that they agreed to get rid of health and hospice centers at home to Brightspring and The Pennant Group (Nasdaq: PNTG) affiliates. Less than two weeks later, the divestment was rejected by the United States Department of Justice (DOJ).
The attempt to disinvestment is part of a broader strategy to quell antimonopoly concerns with respect to the planned fusion of Amedisys and UnitedHealth.
In the first quarter of Brightspring, President and CEO Jon Rousseau said the planned agreement with Amedisys and UnitedHealth was in line with the largest acquisition philosophy of Brightspring.
“We have one leg in a mode, for a couple of years, or largely doing tuck-ins that have a highly accumulated leg in very attractive multiples,” he said.
In Q1, Brightspring reported net income of $ 2.9 billion, an increase of 26% year after year. Its provider services segment, which includes health health and personal care, brought $ 346 million in the first quarter, an increase of 12% year after year.
