Regis Healthcare (ASX:REG) has acquired a 100% interest in CPSM to secure 5 ‘high-quality’ residential aged care homes in South East Queensland.
The $830.85 million market capitalisation company has officially completed the $74.2 million acquisition, which it first announced back in November.
At the time, Regis said the acquisition was consistent with its strategy of broadening its residential aged care footprint through the acquisition of ‘premium’ homes.
The company noted in November the refundable accommodation deposit (RAD) liability assumed at completion was expected to be about $151 million.
Regis Healthcare Chief Executive Officer (CEO) Linda Mellors says: “We are pleased to welcome the employees and residents of the newly acquired CPSM homes to Regis. We look forward to working closely with our 5 new home communities to continue to offer high-quality care and services to our residents.”
“We look forward to working closely with our 5 new home communities to continue to offer high-quality care and services to our residents”
Regis Healthcare represents one of the largest aged care operators in Australia that provides services to 7,600 older Australians through residential aged care homes, home care service hubs, day therapy, and day respite centres and retirement villages.
CPSM was founded in 2010 and owned the aforementioned 5 freehold Queensland-based premium residential aged care facilities in ‘high-demand’ metropolitan locations.
Write to Adam Drought at Mining.com.au