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ProMedica forms $7B network with HCR ManorCare acquisition

Toledo, Ohio-based ProMedica acquired Toledo-based HCR ManorCare, the second largest provider of post-acute services and long-term care in the nation, for $4.4 billion through a joint venture with Welltower, a real estate investment trust.

Under the deal, Toledo-based Welltower owns 80 percent of the HCR ManorCare real estate and ProMedica owns the other 20 percent. ProMedica also owns HCR ManorCare's operating company.

With the addition of HCR ManorCare, ProMedica is now a $7 billion health network with 70,000 employees in 30 states.

"This partnership is groundbreaking," Randy Oostra, president and CEO of ProMedica, said in a press release. "Together, we will redefine healthcare and its role in healthy aging."

Mr. Oostra will serve as CEO of the combined organization. Steve Cavanaugh, former CEO of HCR ManorCare, will serve as president of the HCR ManorCare division of ProMedica.

More articles on healthcare industry transactions:

Private equity firm to buy LifePoint Health for $5.6B
CHS to divest 2 Arkansas hospitals
UnitedHealth explores acquisition of Tenet's Conifer business

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