Tuesday, February 03, 2015
Genesis HealthCare finalized its previously announced merger with Skilled Healthcare Group Inc. Monday, creating one of the largest post-acute care providers in the country.
The all-stock deal adds the skilled nursing facilities, assisted and independent living centers, hospice and home health agencies, and rehabilitation centers operated by Skilled Healthcare of Foothill Ranch, Calif., to the netowrk of long-term care and rehabilitation centers operated by Genesis of Kennett Square, Pa.
Together, the combined company will operate more than 500 skilled nursing and assisted/senior living communities in 34 states and more than 1,800 rehabilitation therapy sites in 47 states and the District of Columbia. It will also have nearly 95,000 employees, and combined annual revenues of $5.5 billion.
The company, which will operate out of Genesis Healthcare's headquarters in Chester County, will be traded on the New York Stock Exchange with the new ticker symbol of "GEN."
Under the terms of the agreement, Genesis shareholders will own 74.25 percent of the combined enterprise and Skillman Healthcare shareholders will own the other 25.75 percent.
Genesis CEO George V. Hager Jr. will be the chief executive officer of the merged entity.
"We believe the opportunities of scale created by this combination better position Genesis to meet the challenges facing the post-acute industry, and enhance the company's ability to successfully partner with payors and providers across the country," Hager said.
Source : http://www.bizjournals.com/
