A merger agreement between DAC Acquisition LLC and Diversicare Healthcare Services (OTCQX: DVCR) is complete, according to an announcement made Friday.

Diversicare’s stockholders will receive an amount of cash equal to $10.10 per share of Diversicare common stock, as was previously reported by Skilled Nursing News when the proposed deal was announced back in August. The price represents a value of approximately 256% from Diversicare’s closing share price on Aug. 19.

Diversicare’s stockholders gave a green light to the deal during a special meeting held on Nov. 18. Over 99% of the Diversicare common stock represented in person or by proxy at the meeting, and more than 89% of the total number of Diversicare common stock outstanding, were in favor of the deal, according to a press release.

Diversicare provides long-term care services to patients in 61 nursing centers and 7,250 skilled nursing beds.

CIBC Bank USA also supported the acquisition with a $100 million term loan. The loan reportedly encompassed a 15-home skilled nursing portfolio located in Kansas, Texas, Alabama, and Tennessee totaling approximately 1,400 skilled nursing beds, according to a CIBC press release. The homes have an effective age of 25 years, historical occupancy of around 75%, and have historically run a 15% EBITDAR margin.

In addition to the five-year $100.0 million mortgage loan, a $10.0 million revolving line of credit was also provided for working capital.

Matthew Tyler and Neal Netzel handled the financing for CIBC.

Diversicare will continue to be managed by its current management team of Jay McKnight, president and CEO; Becky Bodie, executive vice president and chief operating officer; and Kerry Massey, executive vice president and chief financial officer.

Diversicare published its earnings details on Nov. 10, reporting a net loss from continuing operations at -$2.9 million, or -43 cents per share in the third quarter.

The Brentwood, Tenn.-based skilled nursing operator pointed to its inability to apply Provider Relief Fund (PRF) monies to offset lost revenue during the third quarter. The provider has received $51.6 million in PRF as of Sept. 30; $6 million of this fund offset lost revenue during the second quarter, and $3.7 million for the same purpose during the third quarter in 2020.

As a private company, shares of Diversicare’s common stock will no longer be listed for trading on the OTCQX.