More than two dozen nursing homes in West Virginia have a new owner.
The West Virginia Health Care Authority recently approved a 125 ) million dollar deal between Genesis HealthCare Corporation and FC-GEN Acquisition Incorporated. The deal makes FC-GEN the largest long-term care provider in the state with 25 nursing homes.
According to the Health Care Authority, the deal stipulates that FC-GEN will own 100 percent of Genesis' stock.
The transaction includes 115 million dollars to purchase the 25 nursing homes plus another ten million dollars to pay other expenses related to the acquisition.
There are no plans to change operators or how care is delivered at any of the nursing home, the HCA said.
FC-GEN also said the purchase will have minimal impact on the cost and charges to residents because most are covered by Medicare or Medicaid.