Extendicare Announces Agreements to Acquire a 15% Managed Interest in 24 Long-Term Care Homes from Revera & Form a Redevelopment Joint Venture with Axium
Retrieved on:
Tuesday, March 1, 2022
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Extendicare has entered into agreements with Revera to acquire a 15% managed interest in 18 class A long-term care homes located in Ontario and six homes in Manitoba (the Acquisition).
Key Points:
- Extendicare has entered into agreements with Revera to acquire a 15% managed interest in 18 class A long-term care homes located in Ontario and six homes in Manitoba (the Acquisition).
- Axium will own an 85% interest in the joint venture with Extendicare retaining a 15% interest.
- The Revera transactions will add 56 long-term care homes to the 108 long-term care homes Extendicare currently operates (58 owned, 50 managed).
- Upon closing of the Axium Transaction, Axium will acquire an 85% interest in the joint venture, with Extendicare retaining a 15% managed interest.