M&A · Financials · Real Estate Investment Trusts
Ventas, Inc. to acquire New Senior Investment Group Inc.
Announced Jun 28, 2021 · Closed Sep 21, 2021
Deal value$2.30BEV $2.30B
Premium32.0%To unaffected price
EV / Adj. EBITDA10.9x7.0x EV / Revenue
ConsiderationAll stock$9.10 per share
Transaction
- Acquirer
- Ventas, Inc. (VTR)
- Target
- New Senior Investment Group Inc. (SNR)
- Buyer type
- Strategic
- Offer price per share
- $9.10
- Enterprise value
- $2.30B
- Status
- Closed Sep 21, 2021
Deal protections
- Break fee (target pays)
- $20.2M · 0.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Morgan Stanley, Centerview
- Morgan Stanley fee
- $17.0M
Sector context · Financials
- Comparable deals
- 36 in the prior 24 months
- Premium
- 32.0% vs. 45.7% sector median
- EV / Adj. EBITDA
- 10.9x vs. 21.7x sector median
- Break fee
- 0.9% vs. 3.7% sector median
Timeline
- AnnouncedJun 28, 2021
- Proxy filedAug 11, 2021
- Definitive proxyAug 11, 2021
- Shareholder voteSep 14, 2021
- ClosedSep 21, 2021
Valuation · fairness opinions
Discounted cash flow$7.27$9.11
Leveraged buyout$5.33$7.62
Offer $9.10
Implied value per New Senior Investment Group Inc. share by analysis, from Morgan Stanley.