Toledo, Ohio-based ProMedica and Welltower, a healthcare-focused real estate investor, purchased Quality Care Properties, which is the soon-to-be owner of Toledo-based HCR ManorCare, the nation's second-largest nursing home chain, for $2.2 billion.
Welltower will acquire all of the outstanding shares of QCP and ProMedica will take over and operate HCR ManorCare. Under the agreement, ProMedica will invest $400 million to upgrade capital over the next five years.
The partnership and ownership of HCR ManorCare will create an appoximately $7 billion healthcare system with 70,000 employees across 30 states.
Earlier in April, Quality Care Properties received approval to acquire HCR ManorCare, which filed for bankruptcy in March 2018.
HCR ManorCare owns more than 500 skilled nursing and rehabilitation centers, memory care communities, assisted living facilities and home healthcare agencies, according to Reuters.
Quality Care Properties, as the landlord of HCR ManorCare, has 257 skilled nursing properties, 61 assisted living facilities, a surgical hospital and medical office buildings across 29 states.