Ventas acquires New Senior Investment Group Inc.

Ventas acquired New Senior Investment Group Inc. for approximately $2.3 billion (including ~$1.5 billion of New Senior debt), all stock, a transaction completed in September 2021, structured as all stock (0.1561 Ventas shares per New Senior share). The deal was a Merger.

New Senior Investment Group Inc. operates in Private-pay independent living seniors housing, is based in United States (103 communities, 12,404 units across 36 states). Ventas acquired New Senior Investment Group Inc. (NYSE: SNR) in an all-stock merger valued at approximately $2.3 billion including ~$1.5 billion of New Senior debt. New Senior brought a high-quality, geographically diversified portfolio of 103 private-pay senior living communities (102 independent living) totaling 12,404 units across 36 states. New Senior shareholders received 0.1561 newly issued Ventas shares per share (~$9.10 per share, a 31% premium to the 30-day average).

Ventas said the acquisition positioned it to capture powerful senior housing upside at a cyclical inflection point, adding a high-quality independent living portfolio in advantaged markets with positive supply-and-demand fundamentals and building on existing operator relationships and deep independent-living experience at an accretive valuation.

Added 103 private-pay independent living communities at a ~6% cap rate ahead of a cyclical recovery. Expected to be approximately $0.09 to $0.11 accretive to normalized FFO (per company commentary). Integrated into Ventas senior housing portfolio (independent living)

Advisory firms were not disclosed for this transaction.