Ventas acquires Provident Senior Living Trust
Snapshot
Ventas acquired Provident Senior Living Trust for approximately $1.2 billion in June 2005. The transaction was structured as combination (cash, stock and assumed debt). Provident Senior Living Trust is a United States (68 properties; portfolio spanning 41 states post-deal)-based Senior housing (private-pay independent & assisted living) business.
- Acquirer
- Ventas
- Target
- Provident Senior Living Trust
- Value
- approximately $1.2 billion
- Date
- June 2005
- Type
- merger
- Status
- ready
The deal at a glance
About this deal
Ventas acquired Provident Senior Living Trust for approximately $1.2 billion, a transaction completed in June 2005, structured as combination (cash, stock and assumed debt). The deal was a merger.
Provident Senior Living Trust operates in Senior housing (private-pay independent & assisted living), is based in United States (68 properties; portfolio spanning 41 states post-deal). Provident Senior Living Trust contributed 68 high-quality, private-pay independent and assisted living properties containing 6,819 units. The acquisition lifted private-pay sources to 41 percent of Ventas's annualized revenues and brought the portfolio to 369 senior housing and healthcare facilities across 41 states.
Ventas framed Provident as part of a consistent focus on building a company designed to deliver reliable, growing cash flows and to benefit from positive operating and demographic fundamentals in long-term care, while diversifying the portfolio by tenant, asset type and geography.
Raised private-pay revenue mix to 41% and added high-quality independent and assisted living assets. Expected to be approximately $0.20 accretive to normalized FFO per share (per company commentary). Folded into the Ventas senior housing portfolio
No advisory firms have been disclosed for this transaction.