Ventas announced Tuesday the completion of the real estate investment trust’s acquisition of New Senior Investment Group in an all-stock transaction valued at $2.3 billion.
Sept. 14, New Senior stockholders approved the previously announced merger, which makes New York City-based New Senior a subsidiary of Chicago-based Ventas. Ventas acquired New Senior’s portfolio of 103 private-pay senior living communities, which includes 102 independent living communities and one continuing care retirement community. The properties, located across 36 states, have a combined total of 12,404 units.
The transaction includes New Senior debt assumed or repaid by Ventas. Under the terms of the agreement, New Senior shareholders will receive 0.1561 shares of newly issued Ventas stock per share of New Senior common stock that they owned immediately before the merger became effective.
“The acquisition of the New Senior portfolio positions Ventas to capture the powerful senior housing upside at a cyclical inflection point, adds a high quality independent living portfolio in advantaged markets with positive supply and demand fundamentals, and builds on existing relationships with leading operators and our deep experience in independent living at an attractive valuation that is accretive to Ventas,” Debra A. Cafaro, Ventas chairman and CEO, said in a statement.
