PACS Group Shares Climb on Major Florida Expansion and Eduro Acquisition Progress

Shares of PACS Group, Inc. (NYSE:PACS) gained 3.3% in premarket trading on Wednesday after the company announced two major strategic expansions. The healthcare provider has entered into definitive agreements to acquire the operations of 32 skilled nursing facilities in Florida and has finalized the acquisition of 11 additional facilities from Eduro Healthcare.

Florida Expansion

The agreement marks PACS Group's entry into the Florida market, a key strategic move for the company. The transaction involves 32 skilled nursing facilities comprising a total of 4,049 licensed beds.

These properties will be leased from real estate investment trust Omega Healthcare Investors, Inc. (NYSE:OHI). According to the company's announcement, the deal is expected to close in the fourth quarter, pending customary closing conditions.

"Florida represents an attractive, high-growth market that aligns with our long-term strategy of expanding into areas with strong demographic demand and opportunities to enhance care delivery," said Jason Murray, PACS Chairman and CEO.

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Eduro Healthcare Transaction Update

Concurrent with its Florida announcement, PACS also provided an update on its acquisition of Eduro Healthcare. The company has closed on an additional 11 facilities, bringing the total number of completed acquisitions in the Eduro transaction to 31 out of a planned 34.

• The completed Eduro acquisitions to date represent 3,633 nursing beds.
• These facilities have expanded PACS's footprint into three new states: New Mexico, North Dakota, and South Dakota.
• Three facilities from the original agreement are still pending closing.

Following the completion of these transactions, PACS Group's network will expand to 355 facilities. The moves underscore the company's strategy of growing its national presence through targeted acquisitions in new and existing markets.