PACS Group Inc. shares advanced 3.3% in premarket trading after the company agreed to acquire 32 skilled nursing facilities in Florida, marking its entry into the state’s healthcare market.
The facilities, with 4,049 licensed beds, will be leased from Omega Healthcare Investors Inc., according to definitive agreements announced Wednesday. The transactions are expected to close in the fourth quarter, subject to customary conditions. The expansion follows PACS’s existing operations in Texas, South Carolina, Tennessee, and Kentucky, reinforcing its southern U.S. presence.
Separately, PACS completed the closure of 11 additional facilities under its Eduro Healthcare transaction, bringing the total closed to 31 of 34 announced facilities. The closures add 3,633 nursing beds to PACS’s network and introduce the company to New Mexico, North Dakota, and South Dakota. Three remaining facilities are still pending closure.
The combined moves expand PACS’s total network to 355 facilities, operated under a locally led, centrally supported model. PACS Chairman and CEO Jason Murray said the Florida expansion aligns with the company’s strategy to target high-growth markets with strong demographic demand and opportunities to improve care delivery.
