The ASX-listed provider, which is continuing talks with Bain Capital over a potential $826.8 million sale, has agreed to buy two of the Not For Profit’s remaining aged care homes in Benalla, a city 212km northeast of Melbourne, and Kangaroo Flat, a suburb of Bendigo, 150km northwest of the state capital.
The deal will add another 150 beds to Estia Health's portfolio and allow it to relocate residents and employees from existing Estia Health homes in Benalla and Long Gully (Bendigo) to the Royal Freemasons' homes.
“Moving to the more modern homes is an opportunity to ensure that personalised quality residential aged care continues to be provided in these regional communities,”Estia Health CEO Sean Bilton (pictured) said in a statement.
“Our residents will continue to receive the same quality care and services from the same Estia Health staff, who will join the current Royal Freemasons’ teams and residents in Benalla and Kangaroo Flat.”
Sean said the transition of residents to the new Estia Health homes may take up to two months after acquisition.
“When all our employees and residents are comfortably settled in their new homes, we will assess various options for the older properties, which may include sale or repurposing.”
Estia Health’s board reiterated that there is no certainty that its negotiations with Bain Capital will result in a binding proposal that will be recommended to shareholders. Bain Capital upped its offer to $3.20 a share. Estia Health’s shares traded at $2.82 at 4pm today.
