Spotlight: Lazard to Buy Stake in Nursing Home Operator

Lazard Freres & Co. said it agreed to buy a 49.9% stake in Costa Mesa-based ARV Assisted Living for about $135 million, becoming the latest Wall Street investor to buy into a nursing home operator. Under the terms, Lazard Freres will buy 9.6 million newly issued shares of ARV for $14 each through June 1999. ARV shares rose 94 cents to close at $12.31 on Nasdaq.. Less than two months ago, Goldman, Sachs & Co. bought retirement home operator Integrated Living Communities Inc.