SUMMARY

The following is a summary that highlights information contained in this prospectus. This summary does not contain all of the information that might be important to you. For a more complete description of the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger and the issuance of shares of DaVita Common Stock to HCP Members, we encourage you to read carefully this entire prospectus, including the attached Annexes. In addition, we encourage you to read carefully the information incorporated by reference into this prospectus. You may obtain the information incorporated by reference into this prospectus without charge by following the instructions in the section entitled “Additional Information—Where You Can Find More Information” beginning on page 202.

Information About the Companies

DaVita Inc.

1551 Wewatta Street

Denver, Colorado 80202

(303) 405-2100

DaVita Inc., which we refer to as DaVita, is a leading provider of kidney dialysis services in the United States for patients suffering from chronic kidney failure, also known as end stage renal disease, or ESRD. As of March 31, 2012, DaVita provided dialysis and other related services through a network of 1,841 outpatient dialysis centers located in the United States throughout 43 states and the District of Columbia, serving a total of approximately 145,000 patients. In addition, as of March 31, 2012, DaVita provided outpatient dialysis and administrative services to a total of 15 outpatient dialysis centers located in three countries outside of the United States. DaVita’s centers offer outpatient hemodialysis treatments and other ESRD-related services, such as the administration of physician-prescribed pharmaceuticals, including erythropoietin, or EPO, vitamin D analogs, and iron supplements. DaVita also provides services for home dialysis patients, vascular access, disease management services, and laboratory services related to ESRD. As of March 31, 2012, DaVita also provided acute inpatient dialysis services in approximately 960 hospitals and related laboratory services throughout the United States. DaVita is a Delaware corporation, incorporated in the State of Delaware in 1994.

DaVita’s U.S. dialysis and related lab services business accounts for approximately 92% of its consolidated net operating revenues for the twelve months ended March 31, 2012. Other ancillary services and strategic initiatives accounted for approximately 8% of its consolidated net operating revenues for the same period and relate primarily to its core business of providing kidney dialysis services. For the twelve months ended March 31, 2012, DaVita generated consolidated operating revenues before the provision for uncollectible accounts of $7,928 million, Adjusted EBITDA of $1,607 million, and net income attributable to DaVita of $524 million. For an explanation of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to Net Income, see “Selected Historical Financial and Other Data” beginning on page 148.

Additional information about DaVita is included in the documents incorporated by reference in this prospectus. See “Additional Information—Where You Can Find More Information” beginning on page 202.

Seismic Acquisition LLC

1551 Wewatta Street

Denver, Colorado 80202

(303) 405-2100

Seismic Acquisition LLC, which we refer to as Merger Sub, is a wholly-owned subsidiary of DaVita and was formed solely for the purpose of consummating the Merger. Merger Sub has not carried on any activities to date, except for activities incidental to its formation and activities undertaken in connection with the Merger.

HealthCare Partners Holdings, LLC

19191 South Vermont Avenue, Suite 200

Torrance, California 90502

(310) 354-4200

HealthCare Partners Holdings, LLC, together with its subsidiaries and affiliated physician groups, which we refer to as HCP (unless the context indicates otherwise), is a patient- and physician-focused, integrated health care delivery and management company with nearly three decades of providing coordinated, outcomes-based medical care in a cost-effective manner. Through capitation contracts with some of the nation’s leading health plans, as of March 31, 2012, HCP had approximately 669,000 current members under its care in southern California, central and south Florida and Las Vegas, Nevada. Of these, approximately 190,000 individuals represented patients enrolled in Medicare Advantage. The remaining approximately 479,000 individuals represented managed care members whose health coverage is provided through their employer or who have individually acquired health coverage directly from a health plan or as a result of their eligibility for Medicaid benefits. In addition, during 2011, HCP (through its affiliated physicians, physician groups and IPAs) provided care to over 412,000 fee-for-service patients.

The patients of HCP’s affiliated physicians, physician groups, and IPAs benefit from an integrated approach to medical care that places the physician at the center of patient care. As of March 31, 2012, HCP delivered services to its members via a network of over 1,800 affiliated group and other network primary care physicians, 111 network hospitals, and several thousand affiliated group and network specialists. Together with hundreds of case managers, registered nurses and other care coordinators, these medical professionals utilize a comprehensive data analysis engine, sophisticated risk management techniques, and clinical protocols to provide high-quality, cost effective care to HCP’s members. HCP is a California limited liability company, formed in the State of California in 2005 in connection with a reorganization of its subsidiaries.

HealthCare Partners Affiliates Medical Group, or HCPAMG, one of HCP’s affiliated physician groups, was formed in 1994 and is organized as a California general partnership with 30 general partners. HCPAMG and its affiliates provide managed health care and related services through regional delivery systems and a joint venture to approximately 586,000 enrollees in southern California under contracts with various health plans and to privately insured individuals. Under a management services agreement, HCP earns a management fee from HCPAMG equal to a percentage of HCPAMG’s revenues. HCPAMG provides professional medical services to the HCP-managed medical facilities that are located in California, and employs physicians or contracts with various other independent physicians, physician groups and independent practice associations, or IPAs, to provide the professional medical services in California. HCP obtains professional medical services from HCPAMG in California, rather than provide such services directly or through subsidiaries, in order to comply with California’s prohibition against the corporate practice of medicine. Through the management services agreement, HCP has exclusive authority over all non-medical decision making related to the ongoing business operations of HCPAMG.

The Merger (see page 61)

DaVita and HCP have agreed to a business combination under the terms and conditions set forth in the Merger Agreement, which we describe in this prospectus. Pursuant to the Merger Agreement, Merger Sub will merge with and into HCP, with HCP continuing as the surviving entity and as a wholly-owned subsidiary of DaVita. We refer to this as the Merger. Following the Merger, DaVita will be renamed “DaVita HealthCare Partners Inc.” (“DaVita Healthcare Partners”). We have attached the Merger Agreement as Annex to this prospectus. We encourage you to carefully read the Merger Agreement in its entirety. We currently expect that the Merger will be completed during the fourth quarter of 2012. However, we cannot predict the actual timing of the completion of the Merger.

The Special Meeting of the HCP Members (see page 59)

Date, Time and Place

The special meeting of the HCP Members will be held at                , on                     ,                     , 2012, at        a.m., local time. At the special meeting, you will be asked:

Units Entitled to Vote

You may vote at the special meeting if you own HCP Common Units on the date of the special meeting. You may cast one vote for each HCP Common Unit that you own as of that date.

As of the close of business on July 3, 2012, there were 100,131,969.2 HCP Common Units outstanding and entitled to vote.

Vote Required

Approval of the principal terms of the Merger and the Merger Agreement requires the affirmative vote of HCP Members holding a majority of the issued and outstanding HCP Common Units entitled to vote at the special meeting. As more fully described under “Other Agreements—Voting Agreement” and “Other Agreements—Support Agreements” beginning on page 126 and page 127, respectively, HCP Medical Group and the Substantial Members collectively owned, directly or indirectly, 74,143,126 HCP Common Units as of July 3, 2012, which represented approximately 74% of the outstanding HCP Common Units, and they have each entered into an agreement with DaVita pursuant to which they have agreed to vote all of the HCP Common Units owned or controlled by them in favor of the approval of the principal terms of the Merger and the Merger Agreement. Accordingly, the approval of the principal terms of the Merger and the Merger Agreement by the HCP Members is assured.

Ownership of DaVita After the Merger (see page 74)

Based on the number of outstanding HCP Common Units and the number of outstanding shares of DaVita Common Stock as of June 30, 2012, DaVita anticipates that HCP Members will own approximately 9.0% of the outstanding shares of DaVita Common Stock following the Merger.

HCP’s Reasons for the Merger; Recommendation of the HCP Board (see page 74)

After careful consideration of the Merger and the terms of the Merger Agreement, the HCP Board has determined that the Merger is fair, advisable and in the best interests of HCP and the HCP Members. Accordingly, the HCP Board unanimously recommends that the HCP Members approve the principal terms of the Merger and the Merger Agreement. For a discussion of the material factors considered by the HCP Board in reaching its conclusions, see “The Merger—HCP’s Reasons for the Merger; Recommendation of the HCP Board” beginning on page 74.

The HCP Board recommends that you vote “FOR” the approval of the principal terms of the Merger and the Merger Agreement.

Fairness Opinion (see page 74)

The HCP Board did not receive a fairness opinion regarding the fairness of the merger consideration to the HCP Members from a financial point of view, or with respect to projections, estimates and other forward-looking statements about the future earnings or other measures of the future performance of HCP.

Interests of HCP’s Managers and Executive Officers in the Merger (see page 76)

In considering the recommendations of the HCP Board, you should be aware that some of HCP’s managers and executive officers have interests in the Merger that are different from, or in addition to, your interests as an HCP Member, and that may present actual or potential conflicts of interests. These interests include, among others:

The HCP Board was aware of these interests and considered them, among other matters, prior to making its determination to recommend the approval of the principal terms of the Merger and the Merger Agreement to the HCP Members. For a more complete discussion of the interests of the HCP managers and executive officers in the Merger, see “The Merger—Interests of HCP’s Managers and Executive Officers in the Merger” beginning on page 76.

Treatment of HCP Options in the Merger (see page 90)

The Merger Agreement provides that each HCP Option that is outstanding immediately prior to the effective time of the Merger will accelerate and become fully vested and exercisable as of immediately prior to the effective time of the Merger and, to the extent unexercised, will be cancelled, extinguished, and automatically converted into the right to receive a cash payment for each HCP Common Unit subject to such HCP Option equal to the excess of (a) the closing consideration per fully diluted HCP Common Unit over (b) the per unit exercise price payable in respect of such HCP Common Unit issuable pursuant to such HCP Option.

A portion of the closing merger consideration will be withheld from payment and contributed to three escrow accounts that support a potential working capital adjustment, certain indemnification obligations, certain contingent payments, and certain costs and expenses that may be incurred by the Member Representative. Funds will be released from these escrow accounts in accordance with the terms and conditions set forth in the Merger Agreement. For further discussion of the escrowed merger consideration, see “The Merger Agreement—Escrowed Merger Consideration,” “The Merger Agreement—Member Representative Escrow,” and “The Merger Agreement—Nevada Escrow” beginning on pages 93, 96 and 96, respectively.

In addition to the closing merger consideration payable upon the consummation of the Merger and the amounts that may be released from the three escrow accounts over time, HCP Members and holders of HCP Options may receive up to $275,000,000 of additional cash consideration in the form of two separate earn-out payments that are based on the financial performance of HCP for fiscal years 2012 and 2013. To the extent that any earn-out payment is made, HCP Members and holders of HCP Options will be entitled to receive for each HCP Common Unit and each HCP Common Unit subject to an HCP Option held as of the consummation of the Merger, an amount equal to such earn-out payment divided by the number of fully diluted HCP Common Units. See “The Merger Agreement—Earn-Out” beginning on page 95.

Accounting Treatment (see page 81)

The Merger will be accounted for using the purchase method of accounting in accordance with the Financial Accounting Standards Board’s, or FASB’s, Accounting Standard Codification Topic 805, “Business Combinations,” and the resultant goodwill and other intangible assets will be accounted for under Accounting Standard Codification Topic 350, “Intangibles—Goodwill and Other.” The total purchase price has been preliminarily allocated based on information available to DaVita as of the date of this prospectus to the tangible and intangible assets acquired, liabilities assumed, and contingent earn-out consideration based on management’s preliminary estimates of their current fair values. These estimates and assumptions of fair values of assets acquired and liabilities assumed and contingent earn-out consideration and related operating results are subject to change that could result in material differences between the actual amounts and those reported in the unaudited pro forma condensed consolidated financial statements.

HCP Member Dissenters’ Rights (see page 81)

Under Sections 17601-17605 of the California Corporations Code, record holders of HCP Common Units who do not vote for the approval of the principal terms of the Merger and the Merger Agreement, or who vote against approval of the principal terms of the Merger and the Merger Agreement, who properly demand and exercise their dissenters’ rights and who comply with the terms of Sections 17601-17605 of the California Corporations Code will be entitled to obtain payment in cash for the judicially determined fair value of their HCP Common Units if the Merger is completed, in lieu of receiving the merger consideration. The relevant provisions of the California Corporations Code are included as Annex F to this prospectus. HCP Members are encouraged to read these provisions carefully and in their entirety. Moreover, due to the complexity of the procedures for exercising dissenters’ rights, HCP Members who are considering exercising such rights are encouraged to seek the advice of legal counsel. Failure to strictly comply with the applicable California Corporations Code provisions will result in the loss of dissenters’ rights. See “The Merger—HCP Member Dissenters’ Rights” beginning on page 81. In addition, DaVita may terminate the Merger Agreement if at the time of termination holders of more than 5% of the outstanding HCP Common Units have validly exercised their dissenters’ rights (and not withdrawn such exercise or otherwise become ineligible to effect such exercise) in respect of the Merger.

Board of Directors and Executive Officers of DaVita After the Merger (see page 84)

The Merger Agreement provides that at the closing the DaVita Board will be increased in size by one member, and Dr. Margolis will be appointed to fill the newly created directorship as “Co-Chairman”. In addition, for a minimum period of four consecutive annual meetings of stockholders of DaVita, Dr. Margolis will hold the office of “Co-Chairman” until the expiration of his term of office or until his successor is duly elected and qualified, subject to his earlier death, resignation, disqualification, or removal in accordance with DaVita’s bylaws and/or applicable law.

Information about the current DaVita directors and executive officers can be found in the documents listed under the heading “Additional Information—Where You Can Find More Information” beginning on page 202.

DaVita Financing (see page 85)

DaVita expects to finance the cash portion of the merger consideration through a combination of available cash, borrowings under new senior secured facilities and additional debt financing. DaVita’s senior secured credit agreement is expected to be amended to permit or facilitate, among other things, the additional borrowings under the senior secured facilities, the Merger and the additional debt financing. DaVita and Merger Sub have agreed to use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary to arrange and obtain the financing required to consummate the transactions contemplated by

the Merger Agreement as promptly as practicable after the date of the Merger Agreement. No assurance can be given that such new senior secured facilities or additional debt financing will be available on terms acceptable to DaVita or at all or that such amendment to DaVita’s senior secured credit facilities will be obtained. Neither DaVita nor Merger Sub has obtained a binding commitment in respect of the required financing. In the event that neither DaVita nor Merger Sub can obtain the financing required for the Merger Agreement, each party to the Merger generally has the right to terminate the Merger Agreement and HCP may be entitled to a termination fee. For additional information, please see “The Merger Agreement—Termination of the Merger Agreement” and “The Merger Agreement—Termination Fee” beginning on page 122 and page 123, respectively.

The Merger Agreement (see page 89)

Subject to the terms and conditions of the Merger Agreement and in accordance with California law, on the closing date, Merger Sub, a wholly owned subsidiary of DaVita and a party to the Merger Agreement, will merge with and into HCP. HCP will survive the Merger as a wholly owned subsidiary of DaVita, and the separate existence of Merger Sub will cease.

The closing of the Merger will occur at 10:00 a.m., New York City time, on a date to be specified by the parties to the Merger Agreement, which will be no later than the third business day after the satisfaction or waiver of all of the conditions to the closing provided in the Merger Agreement (other than conditions that by their nature are to be satisfied at the closing of the Merger, but subject to the satisfaction or waiver of such conditions at the closing), unless another time, date, or place is agreed to in writing by DaVita and HCP. For further discussion on the conditions to the Merger, see “—Conditions to Completion of the Merger” below.

The description of the Merger Agreement contained in this prospectus is qualified in its entirety by reference to the Merger Agreement, which is attached as Annex A to this prospectus. We encourage you to read the Merger Agreement because it, and not any description of the Merger Agreement contained in this prospectus, is the principal document governing the Merger.

The Merger Consideration; Conversion or Cancellation of Units (see page 90)

HCP Common Units

The Merger Agreement provides that, upon the closing, each HCP Common Unit (whether or not subject to restriction) issued and outstanding immediately prior to the effective time (other than (1) HCP Common Units directly or indirectly owned by DaVita, Merger Sub, or HCP and (2) dissenting units) will be converted into the right to receive, at the election of the holder, the following consideration, subject to the portion of consideration being held back in the three escrow accounts described in “The Merger Agreement—Escrowed Merger Consideration,” The Merger Agreement—Member Representative Escrow,” and “The Merger Agreement—Nevada Escrow” beginning on pages 93, 96 and 96, respectively, and to any adjustment to the closing merger consideration described in “The Merger Agreement—Estimated Amounts Included in Closing Merger Consideration” beginning on page 92:

In addition, pursuant to the Merger Agreement, each HCP Common Unit may be entitled to the following consideration, to the extent that any such payments are made as described in “The Merger Agreement—Escrowed Merger Consideration,” “The Merger Agreement—Post-Closing Merger Consideration Adjustment Determination,” “The Merger Agreement—Earn-Out,” The Merger Agreement—Member Representative Escrow,” and “The Merger Agreement—Nevada Escrow” beginning on pages 93, 94, 95, 96 and 96, respectively:

HCP Options

DaVita will not assume or otherwise replace any HCP Options in connection with the transactions. Upon the terms and subject to the conditions set forth in the Merger Agreement, each HCP Option that is outstanding immediately prior to the effective time will accelerate and become fully vested and exercisable as of immediately prior to the effective time and, to the extent unexercised, will be cancelled, extinguished, and automatically converted into the right to receive, for each HCP Common Unit subject to such HCP Option, in consideration of such cancellation, the following consideration, subject to the portion of the consideration being held back in the three escrow accounts described in “The Merger Agreement—Escrowed Merger Consideration,” “The Merger Agreement—Member Representative Escrow,” and “The Merger Agreement—Nevada Escrow” beginning on pages 93, 96 and 96, respectively, and to any adjustment to the closing merger consideration described in “The Merger Agreement—Estimated Amounts Included in Closing Merger Consideration” beginning on page 92:

In addition, pursuant to the Merger Agreement, each HCP Common Unit subject to such HCP Option may be entitled to the following consideration, to the extent that any such payments are made as described in “The Merger Agreement—Escrowed Merger Consideration,” “The Merger Agreement—Post-Closing Merger Consideration Adjustment Determination,” “The Merger Agreement—Earn-Out,” “The Merger Agreement—Member Representative Escrow,” and “The Merger Agreement—Nevada Escrow” beginning on pages 93, 94, 95, 96, and 96, respectively:

Post-Closing Merger Consideration Adjustment Determination

The amount of any reduction in the aggregate merger consideration will be satisfied from the Escrow Fund (as defined “The Merger Agreement—Indemnification” below) in cash and DaVita Common Stock. The amount of any increase in the aggregate merger consideration to be made will be paid to the HCP Members and the holders of HCP Options, pro rata based on the fully diluted HCP Common Units held by such HCP Members or attributable to HCP Options held by such holders of HCP Options as of immediately prior to the closing relative to the Total Outstanding HCP Units, as soon as reasonably practicable after the determination of the final adjustment amounts and, in any event with respect to any such payment made to the HCP Members, within five business days thereafter; provided that any such payments made to the holders of HCP Options will be subject to certain withholding provisions set forth in the Merger Agreement. See “The Merger Agreement—Post-Closing Merger Consideration Adjustment Determination” beginning on page 94.

Earn-Out

As additional merger consideration, a total of up to $275,000,000, divided into two tranches, the first of which will consist of $137,500,000 (the “First Tranche”) and the second of which will consist of $137,500,000 (the “Second Tranche”), will be payable to the HCP Members, holders of HCP Options, and pursuant to the Nevada Settlement Agreements (as defined below) as set forth below:

DaVita’s obligation to pay each of the per unit earn-out payments to the HCP Members and holders of HCP Options is an independent obligation of DaVita and is not otherwise conditioned or contingent upon the satisfaction of any conditions precedent to any preceding or subsequent per unit earn-out payment, and the obligation to pay a per unit earn-out payment to the HCP Members and holders of HCP Options will not obligate DaVita to pay any preceding or subsequent per unit earn-out payment. See “The Merger Agreement—Earn-Out” beginning on page 95.

Escrows

Escrowed Merger Consideration. A portion of the closing merger consideration equal to $559,375,000, consisting of cash and DaVita Common Stock, will be withheld from the closing merger consideration otherwise deliverable to the HCP Members and holders of HCP Options on the closing date to serve as security for the benefit of DaVita (on behalf of itself or any other DaVita Indemnified Party (as defined in “The Merger Agreement—Indemnification” below)) against (x) the indemnification afforded the DaVita Indemnified Parties in the Merger Agreement and (y) any reduction in the merger consideration payable to HCP Members and holders of HCP Options as a result of the post-closing adjustments. For further information regarding the escrow distribution schedule, see “The Merger Agreement—Escrowed Merger Consideration” beginning on page 93.

Member Representative Escrow. A portion of the closing merger consideration equal to $5,000,000, consisting entirely of cash, will be withheld from the closing merger consideration otherwise deliverable to the HCP Members and holders of HCP Options on the closing date to fund, if necessary, (i) the HCP Members’ share of the neutral accountant’s fees and expenses; fees, costs, and expenses (other than taxes on any earnings) attributable to the establishment and maintenance of the Nevada escrow account; the HCP Members’ share of the purchase price allocation accounting firm’s fees and expenses; and any and all costs and expenses of the Member Representative, (ii) the expenses incurred by the Member Representative acting in such capacity, and (iii) any other expense described in the Merger Agreement as being paid from the Member Representative escrow account. See “The Merger Agreement—Member Representative Escrow” beginning on page 96.

Nevada Escrow. A portion of the closing merger consideration equal to $10,000,000, consisting entirely of cash, will be withheld from the closing merger consideration otherwise deliverable to the HCP Members and holders of HCP Options on the closing date to fund, if applicable, certain transaction settlement payments that may become due and payable pursuant to (i) that certain Settlement Agreement, dated as of May 20, 2012, by and between JSA Healthcare Nevada, L.L.C. and Sherif W. Abdou, M.D. and (ii) that certain Settlement Agreement, dated as of May 20, 2012, by and between JSA Healthcare Nevada, L.L.C. and Amir Bacchus, M.D. (collectively, the “Nevada Settlement Agreements”). See “The Merger Agreement—Nevada Escrow” beginning on page 96.

No Solicitation of or Discussions Relating to Competing Transaction (see page 101)

The Merger Agreement contains provisions prohibiting HCP from seeking or discussing an alternative proposal to the transactions. Under these “no solicitation” provisions, HCP has agreed that it will not, and will cause each Business Entity and Related Consolidated Entity and its and their respective directors, officers, employees, agents, advisors, or other representatives not to, directly or indirectly, (a) initiate, solicit, or encourage any proposal or any inquiry that may reasonably be expected to lead to any proposal concerning a competing transaction, which includes the sale of any Business Entity or Related Consolidated Entity or any business thereof or a sale of any material assets of any Business Entity or Related Consolidated Entity, or (b) hold any discussions or enter into any contracts or other arrangements with, or provide any information or respond to, any third party concerning a proposed competing transaction or cooperate in any way with, agree to, assist or participate in, solicit, consider, entertain, facilitate, or encourage any effort or attempt by any third party to do or seek any of the foregoing.

HCP has also agreed in the Merger Agreement that if it or any of its affiliates is approached in any manner by a third party concerning a competing transaction, it will promptly, and in any event within 24 hours after contact, inform such third party of the restrictions relating to competing transactions set forth in the Merger Agreement and inform DaVita regarding such contact.

Conditions to Completion of the Merger (see page 110)

The obligations of HCP, DaVita, and Merger Sub to consummate the Merger are subject to the fulfillment or written waiver, at or prior to the closing, of each of the following conditions:

In addition to the conditions for all parties to the Merger Agreement, the obligations of DaVita and Merger Sub to consummate the Merger are subject to the fulfillment or written waiver, at or prior to the closing, of each of the following conditions:

In addition to the conditions for all parties to the Merger Agreement, the obligations of HCP to consummate the Merger are subject to the fulfillment or written waiver, at or prior to the closing, of each of the following conditions:

For further discussion on the conditions to the Merger, see “The Merger Agreement—Conditions to Completion of the Merger” beginning on page 110.

Remedies; Specific Performance (see page 120)

Following the closing, other than certain specific performance obligations (subject to certain limits on indemnification):

In addition, in the event of a breach or a threatened breach by a party, any non-breaching party will be entitled to equitable relief, including a temporary restraining order, an injunction, specific performance, and any other relief that may be available from a court of competent jurisdiction. For the avoidance of doubt, HCP and the Member Representative will not have the right to obtain a temporary restraining order, an injunction, specific performance, or any other equitable relief that may be available from a court of competent jurisdiction to cause the consummation of the closing if:

Termination of the Merger Agreement (see page 122)

Termination by HCP or DaVita

DaVita and HCP may terminate the Merger Agreement by mutual written consent. Either DaVita or HCP may terminate the Merger Agreement at any time prior to the closing:

Termination by DaVita

DaVita may terminate the Merger Agreement if:

Termination by HCP

HCP may terminate the Merger Agreement if:

Termination Fee (see page 123)

The Merger Agreement provides that DaVita is required to pay HCP a $125 million termination fee in the event that the Merger Agreement is terminated under certain circumstances. For a description of such circumstances, see “The Merger Agreement—Termination Fee” beginning on page 123.

Fees and Expenses (see page 124)

Generally, all fees and expenses incurred in connection with the Merger Agreement and the transactions contemplated by the Merger Agreement will be paid by the party incurring those expenses, subject to the specific exceptions discussed in this prospectus.

Government Regulations (see page 143)

DaVita’s dialysis operations are subject to extensive federal, state and local, and foreign governmental regulations that require DaVita to meet various standards relating to, among other things, government payment programs, dialysis facilities and equipment, management of centers, personnel qualifications, maintenance of proper records, and quality assurance programs and patient care. Such regulations include licensure and certifications from the Centers for Medicare and Medicaid Services (“CMS”), the federal “anti-kickback” statute contained in the Social Security Act, the Ethics in Patient Referral Act, commonly known as the Stark Law, state laws governing fraud and abuse, The False Claims Act, and The Health Insurance Portability and Accountability Act of 1996. For a more detailed discussion of the governmental regulations that DaVita is subject to, see “Information about HCP—Government Regulations” beginning on page 143.

In addition to those regulations described in relation to DaVita, HCP’s business is subject to certain additional laws and regulations, including state laws with respect to the corporate practice of medicine and fee-splitting, the California Knox-Keene Health Care Service Plan Act of 1975 and other state laws regarding risk arrangements, Medicare and Medicaid regulations and the Patient Protection and Affordable Care Act of 2010, as amended by the Health Care and Education Reconciliation Act of 2010 (the “Health Reform Acts”), as well as numerous federal, state and local licensing laws, and regulations, relating to, among other things, professional credentialing and professional ethics. For a more detailed discussion of the governmental regulations to which HCP is subject, see “Information about HCP—Government Regulations” beginning on page 143.

Risk Factors (see page 36)

In evaluating the Merger, the Merger Agreement or the issuance of shares of DaVita Common Stock pursuant to the Merger Agreement, you should carefully read this prospectus and especially consider the factors discussed or referred to in the section entitled “Risk Factors” beginning on page 36. Such factors include, among other things:

In addition, DaVita is subject to the risks referred to in the section entitled “Risk Factors” beginning on page 36.

DaVita’s Dividend Policy (see page 34)

DaVita has never paid a cash dividend on the DaVita Common Stock and has no present intention to commence the payment of cash dividends. It is possible that the DaVita board of directors (the “DaVita Board”) could determine in the future, based on DaVita’s financial and other relevant circumstances at that time, to pay cash dividends. DaVita’s senior secured credit agreement contains covenants that, among other things, limit DaVita’s ability to pay dividends on its capital stock.

Comparison of Rights of DaVita Stockholders and HCP Members (see page 187)

HCP is a limited liability company organized under the laws of the State of California and, accordingly, the rights of HCP Members are governed by the California Limited Liability Company Act. DaVita is a corporation organized under the laws of the State of Delaware and, accordingly, the rights of the stockholders of DaVita are governed by the Delaware General Corporation Law (the “DGCL”). Therefore, upon completion of the Merger, the rights of the former HCP Members will be governed by the DGCL, the certificate of incorporation of DaVita, as amended, and the bylaws of DaVita, as amended. Certain differences between the current rights of the DaVita stockholders and the current rights of the HCP Members are described in detail under “Comparison of Rights of DaVita Stockholders and HCP Members” beginning on page 187.

Material United States Federal Income Tax Consequences (see page 198)

The Merger will be a taxable transaction to the HCP Members for U.S. federal income tax purposes. In general, an HCP Member who exchanges its HCP Common Units for cash and/or DaVita Common Stock pursuant to the Merger will recognize a gain or loss in an amount equal to the difference between (i) such HCP Member’s amount realized, calculated as the sum of (A) the amount of any cash received, (B) the fair market value of any DaVita Common Stock received, and (C) such HCP Member’s share, for U.S. federal income tax purposes, of HCP’s liabilities immediately prior to the Merger and (ii) such HCP Member’s adjusted tax basis in the HCP Common Units exchanged therefor. An HCP member’s amount realized will include any earn-out payments received and any cash and DaVita Common Stock that is placed in escrow and actually or constructively received. If an HCP Member receives DaVita Common Stock and recognizes gain in the Merger, such HCP Member may incur a tax liability without a corresponding receipt of cash sufficient to pay such liability. For a more detailed description of the tax consequences of the exchange of HCP Common Units in the Merger, including the application of the installment method to any gain recognized by an HCP member, please see “Material United States Federal Income Tax Consequences” beginning on page 198.

Tax matters can be complicated, and the tax consequences of the Merger to you will depend on your particular tax situation. HCP Members should consult their tax advisors for a full understanding of the Merger’s tax consequences.

Summary Historical Financial Data for DaVita and HCP

DaVita

The following summary historical financial information was derived from DaVita’s audited historical financial statements for the years ended December 31, 2009, 2010, and 2011 and unaudited financial information for the quarters ended March 31, 2011 and 2012, incorporated by reference in this prospectus. Effective January 1, 2012, DaVita adopted FASB’s ASU No 2011-07 Health Care Entities – Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts. Upon adoption of this standard, DaVita was required to change the presentation of its provision for uncollectible accounts related to patient service revenue as a deduction from patient service operating revenues. These consolidated financial results have been revised for all prior periods presented to reflect the retrospective application of adopting these new presentation and disclosure requirements for the provision for uncollectible accounts. You should read the information set forth below in conjunction with DaVita’s historical consolidated financial statements and related notes, incorporated herein by reference, and “Selected Historical Financial and Other Data—DaVita” and “Unaudited Pro Forma Condensed Consolidated Financial Information” included in this prospectus beginning on pages 148 and 177, respectively.

HCP

The following summary historical financial information was derived from HCP’s audited historical financial statements for the years ended December 31, 2009, 2010, and 2011, and unaudited financial information for the quarters ended March 31, 2012 and 2011. You should read the information set forth below in conjunction with HCP’s historical financial statements and related notes thereto included in this prospectus and the discussion under “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” included in this prospectus beginning on page 154. The combined statement of operations and balance sheet data presented below are derived from the consolidated financial statements of HCP.