Brookfield Asset Management has offered to acquire Aveo Group Ltd, a Sydney, Australia-based retirement-home operator, for A$1.27 billion (US$859.4 million) in cash, according to a report by Reuters.
Aveo, which in July said Brookfield was the preferred party in the company’s strategic review process, disclosed the offer this week.
The deal would give Brookfield a sizeable chunk of Australia’s aged-care industry, which has seen its valuations slide to attractive levels in the wake of a public inquiry into mistreatment and abuse of residents in facilities, Reuters said.