Daisy L. Darvall, P.C.

Home health and hospice provider Enhabit Inc., advised by Jones Day, on Monday unveiled plans to go private following a sale to middle market private equity firm Kinderhook Industries LLC, led by Kirkland & Ellis LLP, in an all-cash deal valued at roughly $1.1 billion. Under the terms of the agreement, Kinderhook will pay $13.80 per share for Enhabit, representing a roughly 24.4% premium to the company's closing stock price on Friday, according to a Monday statement. Once the deal closes, Enhabit will delist its shares from the New York Stock Exchange. "Following a thorough evaluation and extensive deliberations in consultation with our independent advisers, we are pleased to reach this agreement with Kinderhook," said Enhabit Chairman Jeffrey Bolton. "The board evaluated the current state of the business, its outlook and opportunities, and is confident this transaction maximizes value for our stockholders and is in their best interest." Enhabit is a national home health and hospice provider with a nationwide footprint of 249 home health locations and 117 hospice locations across 34 states. Kinderhook said it has secured financing for the deal, with a debt financing commitment letter from "certain lenders" and equity commitment letters from Kinderhook-advised funds, the statement said. "We have long admired Enhabit's leadership, patient-centric culture and strong market position in home-based care. Kinderhook has a successful 20-year track record of investing in industry-leading companies and partnering with world-class management teams," said Kinderhook Managing Director Chris Michalik. "Enhabit exemplifies exactly the kind of organization we seek to support — and the kind of team we are excited to partner with," Michalik said. Once the deal closes, Enhabit will continue to operate under its name and brand. The deal is expected to close in the second quarter of 2026, subject to shareholder approval and regulatory approvals. The Jones Day team advising Enhabit was led by partners Andy Levine and Darcy White and included partner Ferrell Keel. The Kirkland team advising Kinderhook included corporate partners Marshall Shaffer, Tom Marbury, Steven Choi and Kartik Khanna; debt finance partners Yongjin Im and Justin Greer; executive compensation partner Stephen Brecher; healthcare partners Dennis Williams and Micah Desaire; tax partner Ben Schreiner; antitrust and competition partners Ian John and Sam Morelli; employee benefits partner Chris Chase; labor and employment partner Mari Stonebraker; and technology and IP transactions partner Daisy Darvall.

Feb 23

2 min

Home health and hospice provider Enhabit Inc., advised by Jones Day, on Monday unveiled plans to go private following a sale to middle market private equity firm Kinderhook Industries LLC, led by Kirkland & Ellis LLP, in an all-cash deal valued at roughly $1.1 billion. Under the terms of the agreement, Kinderhook will pay $13.80 per share for Enhabit, representing a roughly 24.4% premium to the company's closing stock price on Friday, according to a Monday statement. Once the deal closes, Enhabit will delist its shares from the New York Stock Exchange. "Following a thorough evaluation and extensive deliberations in consultation with our independent advisers, we are pleased to reach this agreement with Kinderhook," said Enhabit Chairman Jeffrey Bolton. "The board evaluated the current state of the business, its outlook and opportunities, and is confident this transaction maximizes value for our stockholders and is in their best interest." Enhabit is a national home health and hospice provider with a nationwide footprint of 249 home health locations and 117 hospice locations across 34 states. Kinderhook said it has secured financing for the deal, with a debt financing commitment letter from "certain lenders" and equity commitment letters from Kinderhook-advised funds, the statement said. "We have long admired Enhabit's leadership, patient-centric culture and strong market position in home-based care. Kinderhook has a successful 20-year track record of investing in industry-leading companies and partnering with world-class management teams," said Kinderhook Managing Director Chris Michalik. "Enhabit exemplifies exactly the kind of organization we seek to support — and the kind of team we are excited to partner with," Michalik said. Once the deal closes, Enhabit will continue to operate under its name and brand. The deal is expected to close in the second quarter of 2026, subject to shareholder approval and regulatory approvals. The Jones Day team advising Enhabit was led by partners Andy Levine and Darcy White and included partner Ferrell Keel. The Kirkland team advising Kinderhook included corporate partners Marshall Shaffer, Tom Marbury, Steven Choi and Kartik Khanna; debt finance partners Yongjin Im and Justin Greer; executive compensation partner Stephen Brecher; healthcare partners Dennis Williams and Micah Desaire; tax partner Ben Schreiner; antitrust and competition partners Ian John and Sam Morelli; employee benefits partner Chris Chase; labor and employment partner Mari Stonebraker; and technology and IP transactions partner Daisy Darvall.

Feb 23

2 min

Kirkland & Ells advised Ziff Davis, Inc. (Nasdaq: ZD) on a definitive agreement to sell its Connectivity division to Accenture (NYSE: ACN) for $1.2 billion in cash. Ziff Davis’ Connectivity brands are globally recognized in fixed broadband, mobile and Wi-Fi network design, intelligence, insights, testing and incident detection. These brands, including Ookla, Speedtest, Ekahau, Downdetector and RootMetrics, empower organizations to optimize networks, elevate digital experiences and ensure faster, more reliable connectivity. The transaction is currently expected to close in the coming months, subject to the satisfaction of certain closing conditions and receipt of required regulatory approvals. Read the transaction press release The Kirkland team included corporate lawyers David Klein, Andrew Norwich and Daniel Wolf; tax lawyer Sara Zablotney; executive compensation lawyer Rob Fowler; capital markets lawyers Sophia Hudson and Zoey Hitzert; antitrust & competition lawyer Daniel Zach; and technology & IP transactions lawyer Daisy Darvall.

Mar 3

1 min

Home health and hospice provider Enhabit Inc., advised by Jones Day, on Monday unveiled plans to go private following a sale to middle market private equity firm Kinderhook Industries LLC, led by Kirkland & Ellis LLP, in an all-cash deal valued at roughly $1.1 billion. Under the terms of the agreement, Kinderhook will pay $13.80 per share for Enhabit, representing a roughly 24.4% premium to the company's closing stock price on Friday, according to a Monday statement. Once the deal closes, Enhabit will delist its shares from the New York Stock Exchange. "Following a thorough evaluation and extensive deliberations in consultation with our independent advisers, we are pleased to reach this agreement with Kinderhook," said Enhabit Chairman Jeffrey Bolton. "The board evaluated the current state of the business, its outlook and opportunities, and is confident this transaction maximizes value for our stockholders and is in their best interest." Enhabit is a national home health and hospice provider with a nationwide footprint of 249 home health locations and 117 hospice locations across 34 states. Kinderhook said it has secured financing for the deal, with a debt financing commitment letter from "certain lenders" and equity commitment letters from Kinderhook-advised funds, the statement said. "We have long admired Enhabit's leadership, patient-centric culture and strong market position in home-based care. Kinderhook has a successful 20-year track record of investing in industry-leading companies and partnering with world-class management teams," said Kinderhook Managing Director Chris Michalik. "Enhabit exemplifies exactly the kind of organization we seek to support — and the kind of team we are excited to partner with," Michalik said. Once the deal closes, Enhabit will continue to operate under its name and brand. The deal is expected to close in the second quarter of 2026, subject to shareholder approval and regulatory approvals. The Jones Day team advising Enhabit was led by partners Andy Levine and Darcy White and included partner Ferrell Keel. The Kirkland team advising Kinderhook included corporate partners Marshall Shaffer, Tom Marbury, Steven Choi and Kartik Khanna; debt finance partners Yongjin Im and Justin Greer; executive compensation partner Stephen Brecher; healthcare partners Dennis Williams and Micah Desaire; tax partner Ben Schreiner; antitrust and competition partners Ian John and Sam Morelli; employee benefits partner Chris Chase; labor and employment partner Mari Stonebraker; and technology and IP transactions partner Daisy Darvall.

Feb 23

2 min

Kirkland & Ellis advised Quantum Health, the leading creator of healthcare navigation, on the acquisition of CirrusMD, a premier on-demand virtual care company. The acquisition brings together navigation and physician-led virtual care to drive more immediate care integration and stronger outcomes for members across their healthcare journey. This acquisition builds on Quantum Health’s momentum expanding clinically-validated provider steerage through Embold Health and launching its expanded solution suite built on a new agentic AI platform, further strengthening the company’s ability to act earlier, guide members more effectively and deliver measurable savings. Quantum Health is a portfolio company of Warburg Pincus and Great Hill Partners. Read the transaction press release The Kirkland team included corporate lawyers Keri Schick Norton and Alice Billmire; technology & IP transactions lawyer Daisy Darvall; healthcare transactions lawyer Robert Kantrowitz; and tax lawyers David Grenker and Vivek Ratnam.

Mar 3

1 min