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Sabra Health Care REIT shareholders have voted in favor of a proposed merger with Care Capital Properties despite earlier opposition.
Eminence Capital and Hudson Bay Capital Management were among shareholders that had expressed concerns about the transaction.
The merger is expected to generate an estimated cost savings of $20M, diversify Sabra’s tenant base and increase its scale while positioning the newly formed company, which will retain the Sabra name and continue to operate out of its headquarters in Irvine, California, to achieve investment-grade credit ratings.
“We are excited to complete the transaction with CCP and open up new investment opportunities for Sabra. With our enhanced financial strength and access to capital, we expect to continue to diversify our portfolio by tenant and facility type. We look forward to welcoming our new colleagues to the Sabra team as we build an even stronger company,” Sabra CEO Rick Matros said in a release.
The Sabra board of directors has expanded from five to eight members since the merger.
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