Brookdale Senior Living Inc said it would purchase Emeritus Corp for about $1.4 billion in an all-stock deal, creating the largest owner-operator of senior housing in the United States.Brookdale will also assume $1.4 billion of Emeritus Corp's debt.The transaction will expand Brookdale's unit capacity by more than two-thirds to a total of about 112,700 units in 1,161 communities.The merger is expected to reduce operating expenses by up to $45 million annually, said Brookdale CEO Andy Smith, who will be the chief executive of the combined company.
Brookdale Senior Living Inc. (Brookdale) is an owner and operator of senior living communities throughout the United States. Shares of BKD traded higher by 0.6% or $0.18/share to $30.09. In the past year, the shares have traded as low as $24.42 and as high as $30.65. On average, 921225 shares of BKD exchange hands on a given day and today's volume is recorded at 827307.
Emeritus Corporation (Emeritus) is engaged in operations of senior living communities in the United States. Shares of ESC fell by 0.19% or $-0.04/share to $21.46. In the past year, the shares have traded as low as $18.15 and as high as $30.95. On average, 302915 shares of ESC exchange hands on a given day and today's volume is recorded at 411450.
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