Aevum begins merger talks
The retirement living operator wants to pay $74 million to join with the IOR group.
Aevum has begun talks with the IOR group that would see it paying $74 million to merge with the unlisted aged care and retirement living provider.
If the deal were to go ahead it would establish one of the country’s largest retirement living groups listed on the stock exchange.
The IOR Group currently runs 800 independent living units, 143 serviced apartments and 165 aged care places in Victoria, Queensland and South Australia. Aevum runs 2,109 retirement units and 202 aged care places nationally.
Aevum chairman, Graham Lenzner said he was very proud to announce the proposed merger.
“[It] creates a significantly larger business with a national footprint, increased market presence and scale and provides a solid foundation for future growth,” he said.
“The merged group will have a substantial national footprint with a strong position in New South Wales and a presence in Victoria, Queensland, South Australia and Western Australia, which will see us well positioned for further growth.”
Mr Lenzner and Aevum’s managing director, Steve Mann will continue in their current roles in the merged entity.
It is expected that IOR Chairman, Margaret Campbell will join the Aevum board once the deal is completed.
A meeting to approve the deal will be held in December.
