Arnold & Porter recently represented CNL Healthcare Properties, Inc. (CHP), a public, non-traded real estate investment trust, in a definitive merger agreement with Sonida Senior Living, Inc. (Sonida). As part of the transaction, valued at approximately $1.8 billion, Sonida will acquire 100% of CHP in cash and stock. Upon closing, the combined enterprise is expected to have an equity market capitalization of approximately $1.4 billion and a total enterprise value of approximately $3 billion.
Announced on November 5, this combination will create the eighth-largest owner of U.S. senior living assets with approximately 14,700 units.
The Arnold & Porter team was led by Corporate & Finance partner Edward Deibert, with associate Therese Fox, senior associates Eric An and Brady Randall, and associate Kexi Jin. The team also included partners Laurie Abramowitz and David Sausen and associate Sean Kavanaugh, advising on tax matters; partner Uri Horowitz and senior associate Kathryn Geoffroy, advising on employee benefits matters; senior counsel Sheryl Gittlitz, advising on finance matters; counsel Peter Danias, advising on antitrust matters; and partner Allison Shuren, senior associate Lori Wright, and associate Brianna Morigney, advising on healthcare regulatory matters.