Humana Inc. · NYSE:HUM
Humana — Merger or Acquisition (April 2021)
6 slides from Humana's merger presentation, Apr 28, 2021
Slide 1: Kindred At Home Acquisition
Kindred At Home Acquisition April 28th, 2021 Exhibit 99.4
Slide 2: Cautionary Statement
| 2 Cautionary Statement This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in investor presentations, press releases, Securities and Exchange Commission (SEC) filings, and in oral statements made by or with the
Slide 3: Strategic Rationale for Transaction
| 3 Strategic Rationale for Transaction Humana to acquire the remaining 60% interest in Kindred at Home (“KAH”) from its sponsor partners, TPG Capital (“TPG”) and Welsh, Carson, Anderson & Stowe (“WCAS”). • Largest Home Health and Hospice Operator - Acquisition makes Humana the sole owner of the nat
Slide 4: Transaction Rationale Operating Statistics
| 4 Transaction Rationale Operating Statistics 1Based on a 12 month period from November 2019 – October 2020. Home health utilizers are five times more likely to have an inpatient admission within 120 days of their home health episode relative to an individual MA member that does not utilize home he
Slide 5: Terms Of Acquisition Of Remaining ~60% Interest
| 5 Terms Of Acquisition Of Remaining ~60% Interest in Kindred at Home Humana acquiring remaining ~60% interest in KAH from TPG and WCAS with Enterprise Value of approximately ~$8.1B • Purchase price of ~$5.7B, net of Humana’s existing equity stake valued at ~$2.4B (Humana invested ~$1.1B in 2018
Slide 6: Key Transaction Statistics
| 6 Key Transaction Statistics 1Reflects value of Humana’s existing ~40% interest in Kindred at transaction valuation. 2Reflects value of Humana’s ~$1.1B initial 2018 investment in Kindred grown at an illustrative 8% annual cost of capital. 3Reflects normalized view of 2021E EBITDA excluding expecte