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BRIEF-Mainstreet Health Investments announces US$425 mln acquisition of 42 U.S. property portfolio
November 17, 2017 / 1:14 PM / a month ago

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

Nov 17 (Reuters) - Mainstreet Health Investments Inc

* 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: Further company coverage:

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