Morrison Home Insurance Group, which includes the state-owned company that runs the state’s nursing homes, said it would buy back about 2,100,000 nursing homes across the country.
The company said it expects to sell a total of 1.7 billion nursing homes in the next 12 months, including about 541,000 in the United States, where nursing homes have been struggling to find homes to keep their patients.
The homes, which are owned by Morrison Homes International, would be sold under a long-term, $4 billion loan.
Morrison said it has about 1.8 million nursing homes and more than 9,000 facilities nationwide.
The nursing homes would be acquired through a private placement, with the government taking a 20% stake, Morrison said in a statement.
The sale was announced on Monday and Morrison said that by the end of the year, the company expected to buy back more than 7,000 homes.
The deal would include 2,150,000 units in the U.S. and Canada, and about 2.7 million units worldwide, Morrison added.
Morrison’s move to sell nursing homes comes as the nursing industry struggles with a record number of nursing home closures in recent years.
The number of closures has more than doubled since 2008, to about 890 facilities.
The nursing industry has also been grappling with a shortage of home-care beds, as states have cut nursing home budgets.
“The nursing industry’s continued challenges are compounded by an aging population that is expected to increase over the next five years, a shortage in available beds, and the ongoing challenges of maintaining nursing home operations and staffing,” the company said in its statement.