Brief: Mainstreet Health Investments announces US$425 mln acquisition of 42 U.S. property portfolio

Invesque

17/11/2017 12:45

Nov 17 (Reuters) - Mainstreet Health Investments Inc 
 HLPu.TO  
    * Mainstreet Health Investments Inc announces US$425 million 
transformational acquisition of 42 US property portfolio, new 
strategic investor and name change 
    * Mainstreet Health Investments Inc - transaction is 
expected to 
be accretive to company's 2018E adjusted funds from operations 
per share 
    * Mainstreet Health Investments Inc - intends to change 
operating 
name to Invesque Inc 
    * Mainstreet Health Investments Inc - upon closing, Tiptree 
will 
become Mainstreet's largest shareholder with an ownership 
interest of approximately 34 pct 
    * Mainstreet Health Investments Inc - Tiptree will receive 
Mainstreet shares based upon a fixed issuance price of US$9.75 
per common share 
    * Mainstreet Health Investments Inc - Mainstreet is funding 
equity portion of consideration through issuance of Mainstreet 
common shares directly to Tiptree 
    * Mainstreet Health Investments Inc - co will also assume 
about 
$261.2 million of in-place property level mortgage financing 
    * Mainstreet Health Investments Inc - Tiptree agreed to a 24 
month 
standstill & to restrictions on sale of equity consideration for 
period of 6-18 months 
    * Mainstreet Health Investments Inc - entered into 
definitive 
agreements with Tiptree Inc & certain subsidiaries, to acquire 
Care Investment Trust LLC 
    * Mainstreet Health Investments Inc - on deal closing, 
Tiptree 
will have right to nominate one board member and one board 
observer to co's board 
    * Mainstreet Health Investments Inc - consideration to be 
paid to 
Tiptree to consist of issuance of about 16.8 million co's shares 
at price of $9.75/ share 
 
Source text for Eikon:  ID:nPn4YzCPpa  
Further company coverage:  HLPu.TO  
 
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