Genesis closes Skilled Healthcare purchase
Genesis HealthCare completed the acquisition of Skilled Healthcare Group on Monday. The combined company will have a new NYSE ticker symbol (GEN) and operate under the name Genesis Healthcare Inc.
Under the terms of the agreement, Skilled Healthcare shareholders will collectively own 25.75% of the vote and value of the fully-diluted equity of the combined company. Genesis shareholders own 74.25%.
Headquarters will remain in Kennett Square, PA, and George V. Hager, Jr. will be the Chief Executive Officer.
The board includes Hager and Formation Capital co-founder Steven Fishman as Chairman of the Board of Directors. The remaining board members are Arnold Whitman, co-founder of Formation Capital; David Reis, Chief Executive Officer of Senior Care Development LLC; Glenn S. Schafer, former President and Vice Chairman of Pacific Life Insurance Company; James V. McKeon, President of Valentine Associates LLC; Jim Bloem, former Chief Financial Officer of Humana Inc.; John F. DePodesta, co-founder of Primus Telecommunications Group, Inc.; Joshua Hausman, Managing Director of Onex Corporation; Robert H. Fish, former Chief Executive Officer of Skilled Healthcare; and Robert Hartman, Chairman of NuCare Services Corp.