Atria Senior Living has completed a deal to merge its senior living portfolio with Ventas (NYSE: VTR). As part of the agreement, Atria will manage the portfolio of 118 senior living communities acquired by Ventas.
Ventas acquired the portfolio valued at more than $3.1 billion through mergers of Atria Senior Living Group, Inc. (ASLG) using 25 million shares of common stock and $1.6 billion in cash and assumption of debt. Immediately prior to such mergers, Atria was spun-off to the stockholders of the acquired companies.
“We have been working closely with Ventas to finalize this transaction, and we are so pleased that today we can announce its completion,” said John A. Moore, Atria’s Chief Executive Officer. “This has been a complicated process, especially the structure of the transaction and the portfolio location in high barrier-to-entry real estate markets that have complex regulatory frameworks, but I believe that our ability to work together with the Ventas team to ensure a smooth transition is a great sign of things to come. We couldn’t be more excited about what the future holds.”
“This acquisition establishes Ventas as the largest owner of senior living communities in the United States, and positions our company for substantial future growth,” said Ventas Chairman and Chief Executive Officer Debra A. Cafaro. “We are excited about the fact that our collaboration with Atria aligns us with a company that boasts an outstanding operations infrastructure, an experienced management team and employees who are committed to providing excellent care to the residents they serve.”
Based in Louisville, Kentucky, Atria is one of the nation’s leading providers of independent living, assisted living and memory care services, managing more than 120 communities located in 27 states. Atria branded communities are home to approximately 13,000 residents, and employ more than 8,000 dedicated employees nationwide.
Editors Note: A previous version of this article said Ventas completed the acquisition of Altria, it should’ve said Atria. We apologize for the error.