BayBridge Seniors Housing, a subsidiary of Ontario Teachers’ Pension Plan, has agreed to buy Amica Mature Lifestyles for $578 million.

BayBridge is offering $18.75 a share in cash for Amica, a 113% premium to Tuesday’s closing price.

Amica is involved in the design, development, marketing, management and ownership of luxury seniors residences, with 26 properties located in Ontario, British Columbia and Alberta.

Read: Teachers’ to sell stake in TD Centre

“The combination of BayBridge and Amica will create Canada’s premier senior living company,” says Doug MacLatchy, CEO of BayBridge. “This transaction demonstrates Teachers’ commitment to BayBridge and the senior living sector.”

In addition to shareholder and court approvals, the deal is subject to applicable regulatory approvals, certain lender consents and the satisfaction of certain other closing conditions customary in transactions of this nature.

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