ProMedica Health System to become $7B company with planned HCR ManorCare acquisition

Ohio-based ProMedica Health System has announced plans to acquire HCR ManorCare, the second largest post-acute and long-term care provider in the U.S. The acquisition would take place through a joint venture with Welltower, a healthcare real estate and investment trust, ProMedica announced Friday. If finalized, the deal would make ProMedica the 15th largest health system in the U.S. with $7 billion in annual revenue. The deal is complex—ProMedica will assume ownership of HCR as part of an 80/20 venture with Welltower, the trust announced. Welltower will pay nearly $2 billion to purchase HCR's parent company, Maryland-based Quality Care Properties.