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Carlyle Group closes Manor Care buyout

Fri Dec 21, 2007 1:05pm EST

Stocks  |  Regulatory News  |  Mergers & Acquisitions  |  Private Capital

(Adds deal background, share price)

NEW YORK, Dec 21 (Reuters) - Private equity firm Carlyle Group [CYL.UL] has closed its $4.9 billion acquisition of U.S. nursing home operator Manor Care Inc HCR.N, Manor Care said on Friday, after a temporary order against the deal was lifted in Michigan.

The current Manor Care management team will continue to operate the business, the company said.

The buyout, originally expected to close last month and valued at $6.3 billion, including debt, had been closely watched by investors as regulatory approvals were pending.

Earlier this week, authorities in West Virginia, after a hearing to reconsider their initial consent, lifted a stay on the transaction while authorities in Pennsylvania also approved the deal.

The shares of Manor Care, which agreed in July to be acquired by Carlyle for $67 per share, will stop trading on the New York Stock Exchange at market close on Friday, the company said.

Manor Care shares were trading up 28 cents at $66.98 on Friday afternoon on the NYSE.

(Reporting by Jonathan Keehner; Editing by Jeffrey Benkoe/Andre Grenon)

((jonathan.keehner@reuters.com +1 646 223 6128; Reuters Messaging: jonathan.keehner.reuters.com@reuters.net)) Keywords: MANORCARE/CLOSE

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