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GEN

Genesis Healthcare

$1.49

-0.04 (-2.61%)

16:07
04/23/18
04/23
16:07
04/23/18
16:07

Genesis Healthcare sells 51% stake in Chinese subsidiary

Genesis HealthCare announced that it has signed a definitive agreement to sell 51% of its subsidiary in China, referred to as GRS-HS, to Riswein Health Industry Investment Co., Ltd for $30M. The transaction is expected to close in Q1 of 2019 and is subject to regulatory and licensing approvals, and other customary conditions. In the coming weeks, GRS-HS will seek approval for a new, wholly owned foreign entity (WOFE) in China. GRS-HS expects the process to take about 9 months to complete. Upon formation of the WOFE, Riswein will invest $30M for a 51% stake in the WOFE and GRS-HS will own the remaining 49%. In the interim, Riswein will lend GRS-HS $5M, which will fund operating expenses during the WOFE approval process. Riswein and GRS-HS will use the $30M to further fund expansion in China.

GEN Genesis Healthcare
$1.49

-0.04 (-2.61%)

07/05/17
CANT
07/05/17
INITIATION
Target $7
CANT
Overweight
Genesis Healthcare initiated with an Overweight at Cantor
Cantor Fitzgerald analyst Joseph France started Genesis Healthcare with an Overweight rating and $7 price target.
02/26/18
RBCM
02/26/18
NO CHANGE
Target $62
RBCM
Sector Perform
Welltower price target lowered to $62 from $72 at RBC Capital
RBC Capital analyst Michael Carroll lowered his price target on Welltower (HCN) to $62, stating that the company's earnings growth will be constrained by asset sales and its deal to reduce rent on its master lease with Genesis Healthcare (GEN). Carroll says that in the longer term, the Genesis rent agreement will strengthen its tenant's credit profile, but still remains "cautious on the skilled nursing facility space in general given the ongoing evolution of the reimbursement model". The analyst keeps his Sector Perform rating on Welltower.

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DJ Transportation Average

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DJ Utility Average

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Rafael Holdings

$8.60

0.11 (1.30%)

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DJX

Dow Jones Industrial Average

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Nicolet Bankshares

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IYT

iShares Transportation Average

$178.41

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XLK

Technology Select Sector SPDR

$65.49

0.93 (1.44%)

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$9.30

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Cisco

$46.86

0.44 (0.95%)

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Calix

$9.30

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$46.86

0.44 (0.95%)

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$10.01

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VZ

Verizon

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XLE

Energy Select Sector SPDR

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XLY

Consumer Discretionary Sector SPDR

$103.45

0.09 (0.09%)

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Verizon

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S&P Select Materials SPDR

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Allegion

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XLU

Utilities SPDR

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XLP

Consumer Staples Sector SPDR

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VZ

Verizon

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XLV

Health Care Select Sector SPDR

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MYE

Myers Industries

$15.83

-0.41 (-2.52%)

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IWM

iShares Trust Russell 2000 Index Fund

$143.63

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Verizon

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Diamonds Fund ETF

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ACRS

Aclaris Therapeutics

$8.18

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MacroGenics

$13.40

-3.04 (-18.49%)

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ACRS

Aclaris Therapeutics

$8.18

-0.08 (-0.97%)

MGNX

MacroGenics

$13.40

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VZ

Verizon

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0.58 (1.01%)

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Verizon sees severance charge of $1.3B-$1.6B after-tax in Q4 »

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