Louisiana hospice company buys New Jersey-based chain

A Louisiana-based home health and hospice company says it's buying a nationwide hospice company based in New Jersey, and will become the nation's third-largest hospice provider.

Amedisys, Inc . of Baton Rouge said Wednesday that it is buying Compassionate Care Hospice of Parsippany, New Jersey, for $340 million.

A news release describes Amedisys as the nation's leading independent home health, hospice and personal care company, and says it has a definitive sale agreement with Compassionate Care.

Amedisys has 7,500 hospice patients a day in 22 states and Compassionate Care has more than 2,300 in 24 states.

Once the sale closes, Amedisys says it will have about 5,700 employees at 136 centers in 34 states, and they'll be caring for about 11,000 patients a day.

Closing is expected by Feb. 1.