Omega Healthcare Investors has completed its acquisition of all of the outstanding shares of MedEquities, a transaction valued at $600 million.
Omega will continue to be a REIT focused on skilled nursing facilities, the company said, adding a diversified portfolio of investments including 34 properties located in 7 states and operated by 11 different operators.
Under the terms of the merger agreement, each outstanding share of MedEquities common stock automatically was converted into the right to receive 0.235 of a share of Omega common stock plus $2.00 in cash. That represents a value of $10.85 per MedEquities share based on the $37.67 closing price for Omega common stock on May 16, 2019, the company disclosed.
“We are even more excited by this transaction today than when we announced it a few months ago,” said Taylor Pickett, Omega’s Chief Executive Officer. The MedEquites team exhibited “diligence, transparency and professionalism throughout this process, which has enabled a seamless transition,” he added.
