An HCR MancorCare facility. Photo by HCR ManorCare

BETHESDA, MD–Health care REIT Welltower has entered into a definite agreement to acquire Quality Care Properties in an all-cash transaction for $20.75 per share, or approximately $1.95 billion. The locally-based company has also negotiated a separate agreement with ProMedica Health System in which ProMedica will acquire Quality Care’s troubled skilled nursing tenant HCR ManorCare when it completes its Chapter 11 bankruptcy. ProMedica will also acquire Quality Care’s other major tenant, Arden Courts, the nation’s second largest provider of post-acute services and long-term care.