Kindred Healthcare Inc (KND.N) agreed to buy RehabCare Group Inc (RHB.N) for about $900 million in a cash and stock deal to create one of the largest post-acute healthcare services company in the United States. Kindred said the deal will be "highly accretive" to earnings and operating cash flows immediately upon closing, excluding one-time items related to the transaction. The deal, which is expected be completed on or about June 30, also assumes about $400 million of debt and Kindred expects the combined company to achieve operating synergies of about $40 million within two years.
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