04:27 AM EDT, 05/23/2024 (MT Newswires) -- PACS Group ( PACS ) said late Wednesday it has agreed to acquire the operations of 53 skilled nursing and assisted living facilities located in eight western states.

The facilities are operated by family company Prestige.

PACS Chief Financial Officer Derick Apt said the company's up-front capital outlay for the transaction will consist mostly of about $15 million in a real estate joint venture from which it will lease 37 of the facilities. The company plans to directly lease 16 facilities from third-party landlords and own a 25% interest in the joint venture.

The deal is expected to close in Q3, subject to customary conditions.

The acquisition includes 21 facilities in Oregon, 19 in Washington, six in Idaho, three in Nevada, and one each in Alaska, Arizona, California and Montana.

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