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Emeritus Corporation
Emeritus Announces Agreement to Purchase 29 Communities
July 19th, 2008
Emeritus Corporation (AMEX: ESC), a national provider of assisted living and related services to senior citizens, announced that it has entered into an agreement to purchase 29 communities currently leased by the Company for a purchase price of $299.8 million, excluding transaction costs. The communities comprise 2,257 units, are located throughout the United States, and offer assisted living and memory care services to seniors. Eight of the communities are currently subject to a cash flow sharing agreement with an entity controlled by Dan Baty, the Company's Co-CEO. As part of this purchase, these communities will be held in a joint venture owned by the Company and a Baty-related entity...
Source: Law & Health Weekly (2008-07-19)
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