Brookdale completes American Retirement acquisition
Brookdale Senior Living Inc. Tuesday completed its acquisition of American Retirement Corporation. Brookdale is now the largest operator of senior living facilities in the United States, according to the firm.Chicago-based Brookdale bought American Retirement, of Brentwood, TN, for $1.2 billion, or $33 per share in cash. The combined company has more than 530 facilities in 33 states. Its portfolio: 97 independent living facilities, 409 assisted living facilities, 27 continuing care retirement communities and three skilled nursing facilities.
Stockholders of American Retirement approved the purchase last Wednesday. In April, Brookdale bought Southern Assisted Living Inc. for $82.9 million.