August 24, 2026, 10:45am ET
Humana’s previously announced $900 million Gentiva stake sale has slipped from Q3 to Q4, according to the company’s Q2 earnings call.
Humana described the buyers only as a “consortium of investors.” Healthcare Dealflow – an M&A intelligence platform that tracks deals, trends, and investment activity across the healthcare sector – has identified the buyers as BlackRock and Clayton, Dubilier & Rice (CD&R), according to a review of a Notice of Material Change form filed in May with the Massachusetts Health Policy Commission. As of this publication (August 24, 2026), the buyers have not been publicly identified elsewhere.
The form was filed by VistaCare of Boston, a Massachusetts-based hospice agency that is a subsidiary of Gentiva, itself a wholly-owned subsidiary of Falcon Hospice. According to the filing:
“CenterWell holds 35.53% of the common units in Falcon Hospice, L.P. and Falcon Hospice G.P., LLC (collectively, “Falcon”) as on April 23, 2026. The remaining common units in Falcon are held by CD&R Falcon Holdings, L.P. (64.47%), as on April 23, 2026 […] Falcon is the parent entity of the Licensee, several entity levels above the Licensee.
On April 23, 2026, CenterWell entered into unit purchase agreements to transfer substantially all of CenterWell’s common units in Falcon to certain investment vehicles […] managed by BlackRock and certain investment vehicles […] managed by Clayton Dubilier and Rice, LLC, leaving CenterWell with only a de minimis 4.83% passive ownership interest. If a buyer entity for CenterWell’s remaining common units is identified prior to closing, CenterWell will transfer all of its common units in Falcon at closing. If no such buyer is identified, CenterWell will continue to retain its de minimis passive ownership interest in Falcon.”
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Clayton Dubilier & Rice (CD&R) has been the majority owner of Gentiva since April 2022, when it acquired a 60% stake in the hospice and personal care divisions of Humana’s Kindred at Home subsidiary for approximately $2.8 billion. This transaction represents Humana’s near-total exit from Gentiva, as CD&R will consolidate its position alongside BlackRock.
Humana did not respond to a request for comment.
Healthcare Dealflow is a healthcare M&A intelligence platform that tracks deal activity, trends and analysis across the healthcare sector for an audience of private equity firms, investment banks, corporate development teams, and transaction advisors. Subscribe to The Daily Brief here.