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Formation Capital, JER Partners buy Genesis HealthCare for $1.7bn17/01/2007. Source: AltAssets. 
 Genesis HealthCare Corporation has agreed to be acquired in an all-cash transaction for $63.00 per share by a joint venture between Formation Capital and JER Partners. The aggregate transaction value, including the assumption of approximately $450m of debt, is approximately $1.7bn.
The per share price represents a premium of approximately 31.1 per cent over the average closing price for GHC common stock over the past 30 trading days, according to a statement.
Genesis is a long-term care provider with over 200 skilled nursing centres and assisted living residences. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers.
Arnold Whitman, CEO of Formation, said, 'Formation Capital has a long-standing relationship with Genesis Healthcare and believes very strongly in their vision of the modernisation of skilled nursing in this country. We share a long-term view of the industry along with GHC, which has consistently demonstrated high quality of care standards.'
GHC will continue to operate under the Genesis name.
Formation Capital focuses on investments in the senior housing and long-term care industry.
JER's primary investments are in office, hospitality, retail, multi-family, healthcare-related real estate and industrial properties. Other areas of investment include commercial mortgage-backed securities and mezzanine financing.
Copyright © 2007 AltAssets
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