Sonida Senior Living acquired rival senior housing operator CNL Healthcare Properties in a stock-and-cash transaction valued at about $1.8B. 
The combination creates the eighth-largest owner of U.S. senior living assets, with roughly 14,700 units across a portfolio of 153 independent living, assisted living and memory care communities.
The merger is the largest senior housing transaction in the U.S. since 2021, The Wall Street Journal reported.