This transaction has been agreed within the framework of the previously announced merger agreement between Health Care REIT and Sunrise Senior Living, pursuant to which Health Care REIT will acquire all of the outstanding common stock of Sunrise Senior Living for $14.50 per share in an all-cash transaction, and which contemplated a sale or other disposition of Sunrise Senior Living’s management business to take effect immediately prior to the consummation of the closing of the acquisition of Sunrise Senior Living. Although not a condition to close the acquisition of Sunrise Senior Living, Health Care REIT expects to use the proceeds from the sale of the management business to partially fund its acquisition of Sunrise Senior Living.
About Health Care REIT, Inc.
Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of seniors housing and health care real estate. The company also provides an extensive array of property management and development services. As of June 30, 2012, the company’s broadly diversified portfolio consisted of 1,010 properties in 46 states and Canada.
About Kohlberg Kravis Roberts & Co.Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $61.5 billion in assets under management as of June 30, 2012. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platform. KKR is publicly traded on the New York Stock Exchange (NYSE:KKR).