LOUISVILLE, KY (AP) -- Humana Inc. says it has signed a definitive agreement to acquire the largest provider of nursing home diversion services in Florida, American Eldercare Inc. Terms of the deal were not disclosed Wednesday.
Humana said in a statement that American Eldercare's annualized revenue of about $75 million is expected to grow to more than $1 billion in 2015.
American Eldercare said on its website that it provides home-based skilled nursing, medical rehabilitation, and private-duty services to clients in more than 23 counties. The company was founded in 1993 as a home nursing provider.
State regulatory approvals are required for the transaction, which is expected to close by the fourth quarter of 2013.
Louisville-based Humana's stock rose 98 cents to $91.57 Wednesday.
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American Eldercare's annualized revenue of about $75 million is expected to grow to more than $1 billion in 2015.
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