Manor Care Inc., which operates seven facilities in Iowa, including ManorCare of West Des Moines, announced Monday that its board of directors has approved a transaction valued at approximately $6.3 billion in which The Carlyle Group, a global private equity firm, will take the company private.

“This transaction affords a significant cash premium to our shareholders while allowing the company to continue its strategic direction and commitment to quality care,” said Paul Ormond, Manor Care’s CEO, chairman and president.

Based in Toledo, Ohio, Manor Care provides skilled nursing, rehabilitation and long-term care, assisted living, hospice and home-care services through a network of more than 500 facilities. The company operates in 33 states primarily under the Heartland, ManorCare Health Services and Arden Courts names.

Manor Care shareholders will receive $67 in cash for each share of common stock owned, which represents a 20 percent premium to the stock’s closing price of $55.75 on April 10, the day prior to its announcement it would evaluate strategic alternatives. The transaction, which is contingent upon shareholder and regulatory approval, is expected to close in the fourth quarter.