In a sweeping move to capture the surging demand for senior housing, Sonida Senior Living Inc. announced plans to acquire CNL Healthcare Properties in a $1.8 billion cash-and-stock merger, the companies revealed Wednesday. The deal, which comes as the U.S. population aged 80 and over continues to climb, signals a major consolidation in the senior living sector — one poised to reshape the landscape of assisted and independent living communities across the nation.
Under the agreement, Sonida will purchase all outstanding shares of CNL Healthcare for $6.90 per share, with 34% of the payment in cash and 66% in newly issued Sonida stock. The combined entity is expected to have an enterprise value of about $3 billion once the merger closes, forming one of the largest senior living portfolios in the country.
Expanding Scale and Strengthening Strategy
Sonida CEO Brandon Ribar described the acquisition as a turning point for the company’s growth strategy.
“This transaction represents an inflection point in our pursuit of that objective as it more than doubles Sonida’s number of owned units while deepening and expanding our exposure to the most attractive geographic areas for our strategy,” Ribar said in a statement.
The merger will create a combined portfolio of 153 senior living communities across the South, Southeast, Midwest, Mountain West, and Pacific Northwest, encompassing independent living, assisted living, and memory care facilities.
