Omega Healthcare Investors, Inc., the Maryland-based REIT, announced that it had completed it's acquisition of Aviv REIT, Inc. in a stock-for-stock merger, forming a combined company with a total market capitalization of approximately $11.1 billion. According to a company press release, the combined company will be the premier publicly traded REIT focused principally on skilled nursing facilities (SNFs), with a diversified portfolio of investments including over 900 properties located in 41 states and operated by 81 different operators. Pickett will continue in his role as CEO, while Aviv's former president and chief operating officer was appointed chief corporate development officer. Aviv's former chairman, as well as two former directors, received seats on the board, according to a Baltimore Sun article.
"We believe that the combination with Aviv and the expertise and proven track records of the combined management team firmly positions Omega to continue as the leading consolidator in the large, highly fragmented SNF industry," said Taylor Pickett, Omega Healthcare Investor's Chief Executive Officer.
Craig M. Bernfield, Aviv's former Chairman and Chief Executive Officer, stated: "I am confident that our vision to substantially grow Aviv's platform of high quality properties and operators will be implemented through the combination of these two outstanding companies, and I believe that our combined industry knowledge, experience and relationships will be the key to our future success."
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