KBL Healthcare Acquisition Corp., New York, has agreed to merge with Concord Service Corp., a Williamsport, Pa.-based developer and operator of long-term-care facilities, in a deal valued at about $30 million.
Concord, which is privately held, will receive 3.5 million KBL shares and $1.4 million in cash. KBL shares are traded on the over-the-counter market.
Concord operates eight facilities with 1,000 beds in Pennsylvania. KBL is a "specified purpose acquisition company" that raised $15.2 million in a public offering last year to invest in healthcare companies (May 31, 1993, p. 7). Concord is its first acquisition.