Ventas acquires Cogdell Spencer Inc.
Snapshot
Ventas acquired Cogdell Spencer Inc. for approximately $760 million to $770 million including share of debt ($4.25 per share, all cash) in April 2012. The transaction was structured as all cash ($4.25 per share). Cogdell Spencer Inc. is a United States (72 MOBs; Charlotte, NC headquartered target)-based Medical office buildings (MOBs) business.
- Acquirer
- Ventas
- Target
- Cogdell Spencer Inc.
- Value
- approximately $760 million to $770 million including share of debt ($4.25 per share, all cash)
- Date
- April 2012
- Type
- merger
- Status
- ready
The deal at a glance
About this deal
Ventas acquired Cogdell Spencer Inc. for approximately $760 million to $770 million including share of debt ($4.25 per share, all cash), a transaction completed in April 2012, structured as all cash ($4.25 per share). The deal was a merger.
Cogdell Spencer Inc. operates in Medical office buildings (MOBs), is based in United States (72 MOBs; Charlotte, NC headquartered target). Ventas acquired Cogdell Spencer Inc. (NYSE: CSA) and its 72 high-quality medical office buildings plus its MOB property management business (managing 44 additional MOBs) in an all-cash transaction at $4.25 per share. The deal expanded Ventas's MOB business to over 20 million square feet (over 21 million at close) and made Ventas the largest owner of MOBs in the U.S. Cogdell sold its Erdman design-build business prior to closing.
Ventas described the all-cash transaction as expanding its MOB business to over 20 million square feet and increasing the MOB share of its total business from 12 percent to 15 percent, giving it a coast-to-coast presence in healthcare real estate.
Made Ventas the largest U.S. MOB owner with over 21 million square feet and 60+ hospital relationships. Increased MOB share of total business from 12% to 15%; coast-to-coast MOB platform. Integrated into Ventas medical property operations (Lillibridge platform)
No advisory firms have been disclosed for this transaction.