Ventas, Inc. and Nationwide Health Properties, Inc. (NHP) announced that both companies have unanimously approved a definitive agreement under which Ventas will acquire all of the outstanding shares of NHP in a stock-for-stock transaction valued at $7.4 billion according to a Forbes article. The new company will be the largest health care REIT, operating 1,300 assets in 47 states, the District of Columbia and two Canadian provinces. The new company is expected to have pro forma equity value of roughly $17 billion and pro forma enterprise value of $23 billion. The deal is expected to close in the third quarter of 2011, pending regulatory and shareholder approvals.
"The combination of Ventas and [Nationwide] increases the scale and diversification of the combined company, the strength and flexibility of the company's balance sheet and the quality and geography of the assets," said Ventas Chairman and Chief Executive Debra Cafaro in a statement.
"For [Nationwide] shareholders, Ventas is the right partner, bringing the right value at the right time," said Douglas Pasquale, Newport Beach, Calif.-based Nationwide's chairman and CEO, in a statement. "Our shareholders, property operators and tenants will all benefit from our expanded strength, diversification and capabilities."
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