Healthcare real estate investment trust Ventas completed its $1.07 billion acquisition of Sunrise Living Real Estate Investment Trust, the two companies have announced.
Earlier this month, Ventas raised its offer for Sunrise, a Toronto-based operator of senior-living communities, by $170 million to $1.03 billion. The deal is now valued at $1.07 billion, given current currency exchange rates.
Including the assumption of $940 million in debt, the deal is valued at $1.96 billion, according to the two REITs. The price represents 16.50 Canadian dollars per share, compared with the 15 Canadian dollars per share Ventas offered originally in January.
Ventas Chairwoman, President and Chief Executive Officer Debra Cafaro called the transaction "a major milestone" for the company. The acquisition gives Ventas 77 senior-living communities in North America, a strong development pipeline and entry into the Canadian senior-housing market. -- by the Associated Press