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August 18, 2014
16:20 EDTSKHSkilled Healthcare to combine with Genesis HealthCare In 100% stock deal
Skilled Healthcare Group announced it has signed a definitive agreement to combine with Genesis HealthCare, one of the nation's largest providers of post acute care services, based in Kennett Square, PA. Under the terms of the agreement, Skilled Healthcare shareholders will collectively own 25.75% of the vote and value of the fully-diluted equity of the combined company. Genesis HealthCare shareholders will own the other 74.25%. The closing is expected to occur in early 2015, subject to regulatory approvals, as well as other customary closing conditions. After closing, the combined company will operate under the Genesis HealthCare name and will continue to be traded on the NYSE. Headquarters will be at Genesis HealthCare's offices in Kennett Square, PA, and George V. Hager, Jr. will be the CEO. The Board of Directors will initially consist of representative Directors from both companies, as well as independent directors jointly selected by the two companies. This will create a governance structure that we believe will help to build strategic value. The combined company would have trailing 12 month revenues of more than $5.5B, with more than 500 facilities in 34 states and approximately 95,000 employees.
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