Extendicare Inc. (EXE.TO, EXETF), a Canadian care and services for seniors company, said it has completed its previously announced deal with Revera Inc. to acquire nine Class C long-term care homes in Ontario and Manitoba,and one vacant land parcel in Ontario for around $60.3 million.
The consideration includes $40.2 million in cash and $20.1 million in assumed liabilities. The deal was funded using existing cash reserves.
The deal takes effect on June 1.
The transaction includes nine care homes in Ontario and Manitoba. These are in Blenheim, Brantford, Cambridge, Owen Sound, Paris, Ridgetown, Kincardine, Ottawa, and Winnipeg.
On Monday, Extendicare closed trading 2.01% lesser at CAD 14.14 on the Toronto Stock Exchange.
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