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.

A Deal Fueled by Financing and Vision

The transaction’s financing will come through a mix of debt and equity, with RBC Capital Markets and BMO Capital Markets committing to the debt portion. Sonida’s two largest shareholders, Conversant Capital and Silk Partners, have agreed to inject $110 million for newly issued shares to support the purchase.

Both companies emphasized that the merger is more than a financial arrangement — it’s a shared vision of care and community. CNL Healthcare CEO Stephen Mauldin highlighted the cultural alignment between the two firms, noting that Sonida “shares our focus on relationships and a resident-centric culture, valuing residents and their families.”

Leadership and Legal Teams Behind the Deal

Upon closing, the combined company’s board of directors will include seven current Sonida directors and two representatives from CNL Healthcare, including Mauldin himself. The merger is slated for completion in late Q1 or early Q2 of 2026, pending shareholder and regulatory approvals.

The transaction is backed by a lineup of powerhouse law firms. Fried, Frank, Harris, Shriver & Jacobson LLP is advising Sonida, while Sidley Austin LLP represents its board’s special committee. Arnold & Porter Kaye Scholer LLP is guiding CNL Healthcare, and Ropes & Gray LLP is advising CNL’s special committee.

The Fried Frank team, led by partners Philip Richter and Erica Jaffe, is steering Sonida through what could become one of the year’s most significant deals in the senior living sector — a multibillion-dollar wager on longevity, lifestyle, and the unstoppable march of an aging America.