AgeCare, Axium completes acquisition of 16 Ontario Long Term Care homes

Stikeman Elliott acted as counsel to AgeCare Health Services Inc. (“AgeCare”) and Axium Infrastructure Inc. and its affiliates (“Axium”) in the completion of their previously announced acquisition of 16 Ontario Long Term Care (“OLTC”) homes with 2,418 beds owned by affiliates of Chartwell Retirement Residences (“Chartwell”) (TSX: CSH.UN). Chartwell’s OLTC management platform, which serves 23 owned and managed homes with 3,384 beds, has also been acquired by AgeCare.

The combined gross sale price of these transactions, before closing costs, taxes and working capital and other customary adjustments, is $443.2 million.

Stikeman Elliott acted as legal counsel to AgeCare and Axium with a team that includes Maxime Jacquin (Financing), Maxime Turcotte (M&A), Meghan Stewart, Anne-Marie Panzini, William De Bruyn, Camille Hallé (M&A), Dominique Rolland (Infrastructure), Dana Porter, Zuhayr Merali, Frank Bozzo (Real Estate), Philippe St-Hilaire, David Primeau, Oriane Roy (Healthcare Regulatory), Andrew Foster, Cindy Chung, Julien Baril, Célia Longpré (Financing), Michael Laskey, David Feldman, Kirsten Cirella (Competition), Larry Cobb (Environmental), Nancy Ramalho, Chelsea Kirsch (Employment), Natasha vandenHoven, Madison Sutherland (Benefits), Jean-Guillaume Shooner, Éric Lévesque, Philippe St-Hilaire (Tax), David Elder and Danielle Miller Olofsson (Privacy).