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Sentio Healthcare shareholders OK merger with Kayne Anderson Real Estate

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Sentio Healthcare shareholders OK merger with Kayne Anderson Real Estate

Sentio Healthcare Properties Inc. shareholders voted to approve the company's proposed merger with Kayne Anderson Real Estate Advisors affiliates.

At Sentio's Aug. 10 special shareholder meeting, 19,502,051 votes were in favor of the transaction, 41,444 votes were against it and 63,130 were abstentions.

Under the terms of the all-cash deal, Kayne Anderson Real Estate will acquire all of Sentio Healthcare's outstanding shares for an estimated total cash consideration of $14.65 per share. The merger is expected to have an $825 million estimated total asset value.

Kayne Anderson Real Estate is Kayne Anderson Capital Advisors LP's private equity arm, while Sentio Healthcare is backed by KKR & Co. LP.