(Reuters) - BayBridge Seniors Housing Inc, owned by Ontario Teachers’ Pension Plan Board, is taking luxury senior homes operator Amica Mature Lifestyles Inc ACC.TO private for C$578 million ($437 million).
Amica’s shares more than doubled to a record high of C$18.70 in late morning trading on Wednesday, just shy of the offer price of C$18.75 per share.
Vancouver-based Amica has 26 luxury senior residential properties across Ontario, British Columbia and Alberta.
BayBridge Seniors Housing, along with its management company BayBridge Senior Living, owns and operates 35 senior living communities in Canada and six in the United States.
Canada Pension Plan Investment Board (CPPIB) said last month that it will form a joint venture with Health Care REIT Inc (HCN.N), which operates senior housing centers in the United States, as aging population and increasing demand for health care attract investments to the sector.
Ontario Teachers’, which has been looking to diversify its investments, agreed in June to buy Cenovus Energy Inc’s (CVE.TO) portfolio of oil and gas royalty properties for about C$3.3 billion.
CIBC World Markets Inc is BayBridge’s financial adviser and Stikeman Elliott LLP is its legal adviser.
Canaccord Genuity Corp is Amica’s financial adviser, while Gowling Lafleur Henderson LLP is its legal counsel.
Reporting by Shubhankar Chakravorty in Bengaluru; Editing by Kirti Pandey