UPDATE: Ventas Completes $7.6B Buy-Out of NHP

NEW YORK - Holding true to its third-quarter closing plan, Chicago-based Ventas Inc. has finalized a stock-for-stock transaction valued at $7.6 billion for Nationwide Health Properties Inc. The transaction creates one of the largest publicly traded REITS and leading healthcare REIT in terms of equity value.

"With the completion of the NHP acquisition, Ventas is a $23 billion enterprise poised to thrive in the dynamic and growing healthcare real estate space," Debra A. Cafaro, chairman and CEO of Chicago-based Ventas.

Three NHP directors are joining Ventas' board: Douglas M. Pasquale, NHP's chairman and CEO, Richard I. Gilchrist and Robert D. Paulson, NHP's lead independent director. The NHP acquisition will be accretive to Ventas' 2011 earnings. For CBL's previous story: http://tinyurl.com/3vyhqle

More than 99.8 percent of Ventas' shareholders, representing 87.7 percent of outstanding shares, voted to issue additional shares of common stock to NHP shareholders in connection with the acquisition. At NHP's special meeting of shareholders, 98.9 percent of votes cast, representing 84.7 percent of its outstanding shares, voted to adopt the merger and OK the acquisition.

Effective today, NHP common stock will no longer be trades on the NYSE.

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