- Extendicare (EXE.TO) has completed the sale of its retirement living operations to Sienna-Sabra LP for $307.5 million
- The purchase price was settled for $254.1 million in cash and the assumption of $53.4 million in mortgages by Sienna-Sabra LP
- The company is now focused on growth opportunities in our long-term care and home health care segments
- Extendicare is a provider of care and services for seniors across Canada
- Extendicare Inc. (SIA) is up 3.22 per cent on the day, trading at C$13.78 per share at 1:20 pm ET
Extendicare (EXE.TO) has completed the sale of its retirement living operations located in Ontario and Saskatchewan to Sienna-Sabra LP for $307.5 million.
The operations include 1,048 retirement living suites across 11 retirement communities.
“With the successful closing of the sale of our retirement living operations, we are now firmly focused on growth opportunities in our long-term care and home health care segments, including the services we provide to senior living operators through Extendicare Assist and SGP Purchasing Partner Network,” said President and CEO, Dr. Michael Guerriere.
“This transaction, together with our recently announced partnership with Axium Infrastructure, provide us with the flexibility to allocate capital for strategic investments in our people, technology, acquisitions, and our long-term care redevelopment program in support of our mission to provide high-quality care for seniors across Canada,” he added.
The purchase price was settled for $254.1 million in cash and the assumption of $53.4 million in mortgages by Sienna-Sabra LP.
Cash proceeds were used to repay all remaining outstanding indebtedness related to the retirement living operations.
Extendicare is a provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Partner Network brands.
Extendicare Inc. (SIA) is up 3.22 per cent on the day, trading at C$13.78 per share at 1:20 pm ET.
