Welltower (WELL) said Wednesday that NorthStar Healthcare Income has entered into a definitive merger agreement to be acquired by an affiliate of Welltower in an all-cash transaction with an enterprise value of about $900 million.

Under the deal, NorthStar stockholders will receive $3.03 per share in cash. The transaction has been unanimously approved by NorthStar's board of directors and is expected to close in H1 2025.

The proposed acquisition is subject to a 40-day "go shop" period during which NorthStar will have the right to terminate the merger agreement to accept a superior proposal.