Following weeks of delay, The Carlyle Group, a globalprivate equity firm, completed the sale of Manor Care Inc. for $6.3 billion,including debt.
The acquisition passed after the West Virginia HealthCare Authority lifted its stay on the proposed sale, Manor Care said on Dec.21. The nation’s largest nursing home chain hoped the deal would be finalizedby the end of the year. The companies had missed two other deadlines slated forthe deal’s completion.
The transaction struggled in recent months as stateregulators and lawmakers took a closer look at the impact of private equityownership of nursing home chains. The Service Employees International Unionlaunched a national campaign to block the sale. A New York Times story thatpresented the detrimental effects of private equity ownership helped elevateconcerns.
