BrookdaleSenior Living Inc. agreed to buy Emeritus Corp. for about $1.4 billion in stock, building a network of housing for the elderly across 46 U.S. states.

Investors in Seattle-based Emeritus will receive 0.95 shares ofBrookdalefor each share they own, the companies said in a statement yesterday. That values Emeritus at about $28.56 a share, a 33 percent premium to yesterday’s closing price. Including debt, the transaction is valued at about $2.8 billion.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.