Sonida Senior Living Inc. (SNDA) announced a definitive agreement to acquire CNL Healthcare Properties (CHP) in a cash‑and‑stock transaction valued at approximately $1.8 billion. The deal will bring the combined company to 153 owned and operated senior‑living communities and roughly 14,700 residential units across 26 states.
Under the terms, each CHP share will receive $2.32 in cash and $4.58 in newly issued Sonida common stock, representing about 66% equity and 34% cash consideration. The transaction is expected to close in the first half of 2026, subject to customary regulatory and shareholder approvals.
The acquisition expands Sonida’s geographic footprint into the South, Southeast, Midwest, Mountain West, and Pacific Northwest, positioning the company as the eighth‑largest pure‑play senior‑living owner‑operator in the United States. Management described the deal as a transformational inflection point that will double Sonida’s owned‑unit count and deepen its scale advantage.
Financially, the combined entity is projected to have an enterprise value of about $3.0 billion and an equity market capitalization near $1.4 billion. Analysts expect the transaction to be immediately accretive to normalized funds from operations, with accretion estimates ranging from 28% to 62% per share. The deal also delivers $16–20 million in annual cost synergies within twelve months of closing and is expected to strengthen the balance sheet by reducing leverage from low‑9x to mid‑to upper‑7x net debt to EBITDA.
Sonida’s recent performance supports the upside narrative. In the third quarter of 2025, the company posted an earnings per share of –$0.16 versus a consensus of –$0.63, a beat of $0.47, driven by a 26.1% increase in adjusted EBITDA and record occupancy rates. CEO Brandon Ribar highlighted that the deal will build on this momentum, citing strong demand in core markets and the company’s disciplined cost management. CNL’s portfolio of 14,700 units complements Sonida’s existing assets, and former CNL CEO Stephen Mauldin praised the transaction as an “exceptional outcome for CHP shareholders, residents and stakeholders.”
The announcement was met with a robust market reaction, with analysts emphasizing the transformational scale, immediate accretion, and balance‑sheet improvement as key drivers. The deal is viewed as a strategic move that positions Sonida to capitalize on demographic tailwinds and supply constraints in the senior‑living sector.
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