Onex Corp., Toronto, agreed to buy Skilled Healthcare Group, Foothill Ranch, Calif., for about $640 million. Skilled Healthcare, which emerged from bankruptcy in 2003, operates 70 skilled-nursing and assisted-living facilities in California, Kansas, Nevada and Texas. The company earned net income of $3.45 million on revenue of $100.7 million in the first quarter of 2005, according to Securities and Exchange Commission filings. The acquisition is expected to close in early 2006, subject to regulatory approvals. Onex, a $17 billion-a-year conglomerate with a diverse group of companies, including healthcare and communication providers, said the deal marks its sixth healthcare acquisition since 2004, including a $200 million purchase of behavioral-health company Magellan Health Services, Farmington, Conn. -- by Joseph Mantone
Onex to buy long-term-care firm for $640 million
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