(To read more on the multifamily market, click here.)
SEATTLE-Locally based Emeritus Corp. has agreed to acquire asmaller competitor, Summerville Senior Living of San Ramon, CA, for8.5 million shares of stock. Emeritus' share price is trading 10%higher today on the news in early afternoon trading stood at$33.06, up $3 from Thursday's close. At that price, the value ofthe deal is $281 million.
Summerville operates 81 communities, with 7,935 units in 13states providing independent living, assisted living and otherservices to seniors. After the merger closes, Emeritus said it willoperate 284 communities with 24,448 units in 36 states and capacityfor over 28,000 residents.
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