Brookdale Senior Living and Emeritus Senior Living will merge in a $2.8 billion deal, creating a new behemoth in the long-term care sector, the companies announced today.
Under the definitive merger agreement, Emeritus shareholders will receive 0.95 shares of Brookdale common stock for each of their Emeritus shares, according to a news release.
The expanded Brookdale will consist of more than 1,100 communities in 46 states, the company announced. The Nashville-based company says the merger will make it the nation’s first “single-branded provider” offering “fully integrated ancillary services across the continuum of care.”
“In an industry with very attractive long-term growth dynamics, this strategic merger creates the first national, predominantly private-pay based, senior living solutions company,” said Brookdale CEO Andy Smith.
The two providers share a similar “resident-centric” culture, said Granger Cobb, president and CEO of Emeritus.
Smith will serve as CEO after the merger. The deal is expected to close in the third quarter of this year.
This article originally appeared on mcknights.com.