Manor Care sale completed
Following weeks of delay, The Carlyle Group, a global private equity firm, completed the sale of Manor Care Inc. for $6.3 billion, including debt.
The acquisition passed after the West Virginia Health Care 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 finalized by the end of the year. The companies had missed two other deadlines slated for the deal's completion.
The transaction struggled in recent months as state regulators and lawmakers took a closer look at the impact of private equity ownership of nursing home chains. The Service Employees International Union launched a national campaign to block the sale. A New York Times story that presented the detrimental effects of private equity ownership helped elevate concerns.