Emeritus will acquire Blackstone’s stake in its joint venture with the private equity group, which operates 24 assisted living facilities, GlobeSt reports. Blackstone holds around a 81% interest in the joint venture, while Emeritus owns the remaining 19% share.

The Blackstone stake is estimated to be worth about $99 million. Emeritus is seeking to fund the acquisition with mortgage debt of $220 million, $40 million in cash on hand and the remaining balance from the company’s final equity interests in the joint venture.

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