Brookdale Senior Living and Emeritus Senior Living will merge in a $2.8 billion deal, creating a new behemoth in the long-term care sector, the companies announced today.
Under the definitive merger agreement, Emeritus shareholders will receive 0.95 shares of Brookdale common stock for each of their Emeritus shares, according to a news release.
The expanded Brookdale will consist of more than 1,100 communities in 46 states, the company announced. The Nashville-based company says the merger will make it the nation’s first “single-branded provider” offering “fully integrated ancillary services across the continuum of care.”
“In an industry with very attractive long-term growth dynamics, this strategic merger creates the first national, predominantly private-pay based, senior living solutions company,” said Brookdale CEO Andy Smith.
The two providers share a similar “resident-centric” culture, said Granger Cobb, president and CEO of Emeritus.
Smith will serve as CEO after the merger. The deal is expected to close in the third quarter of this year.