Emeritus Corp agreed to acquire Summerville Senior Living Inc
March 29, 2007 – San Ramon, CA, United States “” Emeritus Corp has agreed to acquire Summerville Senior Living Inc for US$257.1 million in cash. Under the terms of the agreement, Emeritus Corp will issue 8.5 million of its shares to Summerville Senior Living Inc. Apollo Real Estate Investment Fund III LP and Apollo Real Estate Investment Fund IV LP, two funds managed by Apollo Real Estate Advisors, and certain employees of Summerville Senior Living Inc will also receive shares. The distribution of shares to Apollo Real Estate Advisors’ funds will satisfy certain outstanding loans from the funds. After the transaction, former Summerville Senior Living Inc shareholders will hold approximately 31% of the outstanding stock of Emeritus Corp. Based in San Ramon, California, Summerville Senior Living Inc operates 81 communities comprising 7,935 units in 13 states which provide independent living, assisted living, and Alzheimer’s and dementia related services to seniors. With this acquisition, Emeritus Corp will operate 284 communities in 36 states comprising 24,448 units with a capacity for over 28,000 residents. The deal is expected to close in July.