Chicago-based Ventas is purchasing rival, Nationwide Health Properties, for $5.8 billion, The Wall Street Journal reports. The all-stock transaction, which will increase Ventas’s exposure to medical-office buildings and senior housing facilities, will create a company with a market capitalization of about $17 billion.
Ventas shareholders will hold about 65% of the combined company, while Nationwide shareholders will own the remaining 35%. Ventas, which is the largest U.S. owner of senior housing and assisted-living facilities, will own over 1,300 properties in 47 states, after its deal with Nationwide Health closes in the third quarter.
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