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Life Health > Health Insurance > Health Insurance

Health Care REIT to Buy Sunrise Senior Living

By Associated Press

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TOLEDO, Ohio (AP) — Health Care REIT Inc., a real estate investment trust, plans to buy Sunrise Senior Living Inc. (NYSE:SRZ) in an all-cash deal valued at about $1 billion.

The Toledo, Ohio-based company said Wednesday it will pay $14.50 for each share of Sunrise, which is based in McLean, Va. The price represents a premium of more than 62 percent to Sunrise’s closing stock price of $8.93 on Aug. 21.

Sunrise shares climbed $5.28, or more than 59 percent, in morning trading to $14.22. The stock had previously traded in a range of $3.68 to $9 in the past 52 weeks.

Sunrise owns 20 senior housing communities in the United States and Canada, and it has an interest in joint ventures that own 105 communities, including 27 in the United Kingdom. The company employs about 31,600 people.

Health Care REIT said the deal will make it among the largest owners of senior housing communities in the world. It currently holds 1,010 communities in 46 states and Canada.

The Sunrise property portfolio is concentrated in New York, Los Angeles, San Francisco, Washington, D.C., Philadelphia, Boston, Chicago and London.

Sunrise said its directors have unanimously approved the deal, but the company’s shareholders still need to approve it. The acquisition is expected to close in the first half of next year.

Health Care REIT shares slipped 64 cents to $59.11.

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