NASHVILLE—It's official. The ink has dried on the $2.8 billion merger of Brookdale Senior Living and Emeritus Corporation. The deal creates the first national senior solutions company and gives Brookdale over 1,100 senior housing communities in 46 states covering 80% of the US population.

"We are at a transformational point in the history of the company,” says Andy Smith, CEO of Brookdale. “With this merger, we will improve our ability to deliver the best, high quality solutions for the growing demographic of aging seniors and their families.”

Emeritus shareholders will receive 0.95 of a share of Brookdale common stock in exchange for each share of Emeritus common stock. All told, about 47.6 million shares of Brookdale common stock are being issued to Emeritus shareholders. That represents about 27.5% of the 173 million total shares outstanding.