November 20, 2003
Willkie client Ventas Inc. acquires ElderTrust for $184 million.
On November 20, Willkie client Ventas Inc. acquired ElderTrust for $184 million. The acquisition provides Louisville, Ky.-based Ventas with nine assisted living facilities in the Northeast. The remainder of the ElderTrust portfolio includes independent living homes, medical office buildings and nursing homes. The purchase of Wilmington, Del.-based ElderTrust is expected to add $15 million in revenue to Ventas. It also offers its shareholders an increase of 5 to 7 cents to the company's funds-from-operations the first year after the deal closes. The November 21 Daily Deal notes that partners Thomas Cerabino and Robert Stebbins, and associate Stuart Rubin handled the deal.
