Genesis HealthCare L.L.C., of Kennett Square, agreed to buy Sun Healthcare Group Inc. for $8.50 per share in a cash transaction valued at about $275 million, including the assumption of debt.
Once the deal is closed, scheduled for the fall, Genesis would add Sun's 190 skilled nursing centers and other health facilities in 46 states. The combined organization would have more than 420 centers and 75,000 employees and generate $4 billion in annual revenue.
The companies said that the purchase price represented a 43 percent premium to Sun's closing price of $5.94 on Tuesday. The deal was announced after U.S. markets had closed Wednesday.