Welltower Agrees to Acquire QCP; ProMedica to Take Over HCR ManorCare's Operations
26 Abril 2018 - 2:17AM
Noticias Dow Jones
By WSJ Staff
Welltower Inc. (WELL) has agreed to buy Quality Care Properties
Inc. (QCP), while ProMedica Health System Inc. has entered into a
related deal to acquire the operations of HCR ManorCare Inc., the
companies said early Thursday.
Under the deal with rival real estate investment trust
Welltower, QCP's shareholders will receive $20.75 in cash for each
share of common stock, the companies said. They didn't provide any
further financial details of the deal's valuation.
Welltower, based in Toledo, Ohio, also plans to assume all
outstanding QCP debt, the companies said.
The per-share deal price represents an approximate 64.7% premium
to the closing price of QCP common stock on March 1, the last day
of trading prior to QCP's announcement that it had entered into an
agreement to acquire HCR ManorCare, the companies said. At that
time, HCR ManorCare filed for bankruptcy protection as part of its
deal with QCP, which is based in Bethesda, Md.
ProMedica, a not-for-profit hospital operator, plans to take
over the operations of HCR ManorCare, one of the largest
nursing-home chains in the U.S., at the completion of the latter's
chapter 11 process, the companies said. They didn't provide any
financial details of that deal.
In addition, Welltower has formed an 80/20 joint venture with
ProMedica that will hold the real estate of ManorCare and Arden
Courts, QCP's principal tenants, the companies said.
ProMedica said the partnership would create a $7 billion health
network with 70,000 employees in 30 states.
The agreements have been unanimously approved by Welltower's,
ProMedica's and QCP's boards of directors, the companies said.
The deals are expected to close during the third quarter of
2018, the companies said.
The ProMedica transaction is subject to approval by the U.S.
Bankruptcy Court overseeing HCR ManorCare's case, among other
customary closing conditions. The Welltower deal is subject to
approval by QCP's shareholders and other customary closing
conditions.
Separately, Welltower said Thursday it generated net income of
$437.7 million, or $1.17 a share, in the first quarter on revenue
of $1.10 billion.
The company also said it raised its 2018 guidance for net income
to a range of $2.55-$2.65 a share from $2.38-$2.48. The company
also updated its 2018 acquisition guidance to include $2.2 billion
of investments anticipated to close at year-end, in addition to
deals that have been already announced.
(END) Dow Jones Newswires
April 26, 2018 03:02 ET (07:02 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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