Post-Acute & Senior Living: More Post-Acute and Senior Living News

■ Fourteen investment funds affiliated with Fortress Investment Group on June 2 sold almost 17.6 million shares of Brookdale Senior Living (NYSE: BKD) stock, according to a recent U.S. Securities and Exchange Commission (SEC) filing. New York-based Fortress, a major shareholder since Brentwood, Tenn.-based Brookdale’s initial public offering (IPO) in late 2005, sold at an average price of $32.00 for a total transaction value of more than $563 million. Fortress co-chairman and Milwaukee Bucks co-owner Wes Edens also sold his personal stake of more than 831,000 shares for about $26.6 million. In May, Fortress announced plans to sell more than 19 million shares – almost its entire stake in Brookdale. The move comes as Brookdale, which is already the nation’s largest senior living provider, planned to close before the end of this month on a merger with Emeritus Senior Living (NYSE: ESC), resulting in a combined company operating more than 1,100 senior living communities nationwide.

The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE

Existing Users Log In