Sonida Senior Living (NYSE: SNDA) has announced a definitive merger agreement with CNL Healthcare Properties, which will create a company with 153 owned independent living, assisted living and memory care senior living communities.
The transaction involves Dallas-based Sonida acquiring 100% of CNL in a cash and stock transaction valued at about $1.8 billion.
“Sonida’s overarching objective is to capitalize on the long-term tailwinds of favorable demographics and supply constraints within senior living by operating and growing a best-in-class owner-operator platform,” Sonida CEO Brandon Ribar stated in a press release. “This transaction represents an inflection point in our pursuit of that objective as it more than doubles Sonida’s number of owned units while deepening and expanding our exposure to the most attractive geographic areas for our strategy.”
The combined company will be the eighth-largest owner of U.S. senior housing assets by units, according to the press release.
The announcement comes after the Wall Street Journal on Tuesday reported that the companies were close to a deal.
This is a developing story and will be updated.
The post Sonida, CNL to Join in $1.8B Deal, Creating Eighth-Largest US Senior Living Owner appeared first on Senior Housing News.
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