Macquarie Bank of Australia is paying $528-million for Leisureworld Inc., Canada's biggest privately held aged-care provider.
The acquisition of Leisureworld, based in Markham, Ont., includes 19 long-term care homes and two retirement homes catering to more than 3,200 Ontario residents, the bank said.
The deal is still subject to government and regulatory approval.
Earlier this month, a Macquarie consortium, Retirement Care Australia, paid $125-million Australian for 14 Salvation Army nursing homes, hostels and retirement facilities. The bank also has a 12.8 per cent stake in IBA Health.
One of the bank's specialist funds, Macquarie Infrastructure Group, has been locked in a legal battle with the Ontario government over the right to raise tolls on Highway 407, just north of Toronto.