Emeritus Senior Living, which owns three senior housing facilities in Las Vegas, has been bought by Brookdale Senior Living in a deal valued at about $2.8 billion, including $1.4 billion of Emeritus’ mortgage debt.
The boards of directors of both Brookdale and Emeritus unanimously approved the merger, which is expected to be completed in the third quarter of 2014, subject to regulatory approvals, according to a press release on the Emeritus web site.
The three Emeritus locations in Las Vegas are Emeritus at the Plaza at 6031 West Cheyenne Ave.; Emeritus at Spring Valley at 8880 West Tropicana Ave.; and Emeritus at Las Vegas at 3025 East Russell Road.
The merger will allow Brookdale to control 112,700 units in 1,161 senior housing communities in 46 states and be located in 300 markets, where 80 percent of the U.S. population is located, the release said.
The deal calls for Emeritus shareholders to receive 0.95 shares of Brookdale stock in exchange for each share of Emeritus stock. Emeritus owners will hold 26.9 percent of the newly-merged company.
Seattle-based Emeritus is the nation’s largest assisted living and memory-care provider, with a capacity of 54,000 residents. More than 31,000 employees work at 510 communities in 45 states.
The merger will create “significant revenue synergies,” T. Andrew Smith, Brookdale Senior Living chief chief executive, said during a conference call Thursday afternoon.