GATINEAU (Québec), Competition Bureau
The Competition Bureau has reached a consent agreement with Welltower OP LLC (Welltower) to address competition concerns related to its proposed acquisition of 34 retirement home properties from Amica Senior Lifestyles (Amica). It is the second such agreement this month following an agreement concluded with Chartwell.
A Bureau review concluded that the proposed transaction would likely result in a substantial lessening of competition in accommodation and health care services provided by licensed private pay retirement homes in areas of British Columbia and Ontario.
To resolve the Bureau's concerns, Welltower has agreed to sell four retirement homes from its existing portfolio located in Victoria, Northwest Vancouver, Brampton and Ottawa. The sales will be made to independent purchasers to be approved by the Commissioner of Competition.
The Bureau is satisfied that the sales will resolve the competition concerns that could result from the proposed transaction.
Benefits of competition in the retirement home industry
As the Canadian population ages, the retirement home industry becomes even more important, with demand expected to accelerate rapidly over the next decade. Competition in the retirement home sector plays a crucial role in keeping prices in check and pushing providers to maintain high standards of care and modern, well-maintained facilities.
