Foothill Ranch-based Skilled Healthcare Group Inc. said it’s being bought in an all-stock deal by Kennett Square, Pa.-based Genesis HealthCare. The combined company will have a value of about $5.5 billion.
Shareholders of Skilled will own 26% of the combined company, and holders of privately held Genesis will hold the remaining 74%. The deal values Skilled at about $1.4 billion.
The combined company will have its headquarters in Kennett Square, operate under the Genesis name, and trade on the New York Stock Exchange.
Skilled said in a news release that it expects the deal to close in early 2015.
Genesis bought another Orange County-based nursing home company, Sun Healthcare Group Inc., in 2012 for $275 million.
