Formation completes purchase of Genesis

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The private equity joint venture between Formation Capital LLC and JER Partners completed the acquisition of Genesis HealthCare Corp., for $2 billion, according to the buyer.

"Combining a superior management team with a capital partnership that is focused on modernization and enhancement of care and services to the elderly provides an excellent opportunity for growth in this dynamic industry," Arnold Whitman, chief executive officer of Formation Capital, said in a press release Friday.

Prior to the acquisition, the joint venture was engaged in a fierce bidding war with Fillmore Capital Partners LLC. Genesis shareholders on May 19 approved the $69.35-per-share acquisition by the Formation group.