Genesis Inks $79M Deal to Cede Control of 19 Facilities

Genesis HealthCare (NYSE: GEN) on Tuesday announced a set of deals that will see the skilled nursing giant transfer control of 19 facilities in the West to a regional operator — while also still serving as a provider of back-office support and ancillary services. Under the terms of the $79 million transaction, the Los Angeles-based New Generation Health, LLC purchased the operations and real estate associated with six skilled nursing facilities. New Generation also assumed full operational responsibility for 13 more properties — seven SNFs, five behavioral health centers, and one assisted living community — in California, Nevada, and Washington state. But Kennett Square, Pa.-based Genesis will still maintain an indirect 50% stake in the latter group of 13 buildings. The transactions were effective as of February 1.

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