Genesis Health Ventures, Kennett Square, Pa., said it will spin off its 246 nursing homes and assisted-living facilities, its rehabilitation services and several ancillary businesses into a separate, $1.3 billion publicly traded company by year-end. The transaction is expected to be tax-free to shareholders. Genesis will retain NeighborCare, Baltimore, which represents the other half of the company's current $2.6 billion in annual revenue and is the nation's third-largest player in the institutional pharmacy industry. Genesis Chairman and CEO Robert Fish will lead NeighborCare. Genesis Executive Vice President and CFO George Hager will be CEO of the new eldercare company. -- by Julie Piotrowski
Genesis to spin off nursing home business
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