Sun Healthcare in $275M SaleFriday, June 22, 2012
Sun Healthcare Group Inc., an Irvine-based nursing home company, is being bought for $275 million by Genesis HealthCare LLC of Kennett Square, Pa.
The deal is expected to close this fall. The combined company would have more than 420 facilities and 75,000 employees, with about $4 billion in annual revenue. Its portfolio will include nursing homes, assisted living homes and independent living centers, along with rehabilitation therapy, hospice and medical staffing.
Genesis’ price for Sun represents a 43% premium over its closing price on June 19, the day before the deal was announced.
Sun’s shares rose more than 30% on the news, to a market value of about $214 million.