Ventas, Inc., and Nationwide Health Properties, Inc. (NHP) announced Monday a definitive agreement under which Ventas will acquire all of the outstanding shares of NHP in a stock-for-stock transaction valued at $7.4 billion, creating one of the largest publicly traded real estate investment trusts.
The combined company will have more than 1,300 total assets in 47 states, the District of Columbia, and two Canadian provinces.
Upon closing of the transaction, Ventas shareholders are expected to own approximately 65% and NHP shareholders are expected to own approximately 35% of the combined company. The transaction is expected to close in the third quarter of 2011.
“After 25 wonderful years of growth and success, we look forward to joining forces with Ventas, which shares our legacy of financial strength and top-tier returns for shareholders,” said Douglas M. Pasquale, NHP’s Chairman, President, and CEO.