Extendicare closes sale

Extendicare closed the $870 million sale of its United States facilities to an investor group led by private equity firm Formation Capital LLC.

The sale of the portfolio, which includes approximately 160 senior care communities, was originally announced in late 2014. The deal closed in July.

Canada-based Extendicare first began eyeing the sale of its U.S. facilities in 2013, citing uncertainty created by healthcare reform.

Extendicare is expected to use sale profits to grow its Canadian private-pay retirement community sector.