Brookdale Senior Living (NYSE: BKD) and Emeritus Corp. (NYSE: ESC) are one step closer to closing the merger that will make them the largest senior living provider in the nation.
The companies announced Thursday that the mandatory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, allowing the merger to move forward as planned. The HSR Act requires merging companies to file details of their agreements with the Federal Trade Commission and Department of Justice so those agencies can determine any planned merger will not violate antitrust laws. A deal cannot close until the waiting period has ended.
The merger is still slated to close some time in the third quarter of 2014, the company said.
“The expiration of the HSR Act waiting period satisfies one of the conditions to the closing of the proposed merger,” said Brookdale CEO Andy Smith in a press release. “We continue to work expeditiously to satisfy the other closing conditions and still expect to close the merger in the third quarter of 2014.”
The deal, valued at an estimated $2.8 billion, will expand Brookdale’s management portfolio to serving around 113,000 residents in 1,161 communities nationwide.
Written by Elizabeth Ecker