(Reuters) - Health Care REIT Inc (>> Health Care REIT, Inc.) and Revera Inc [PSPENR.UL] agreed to buy assisted living services provider Regal Lifestyle Communities Inc (>> Royal Laser Corp.) for about C$374.4 million ($308.5 million) in cash to expand in Canada.

The companies will pay C$12 for each of Regal's outstanding shares, a premium of 27.1 percent to the stock's closing price on Wednesday.

The equity value of deal, which is expected to close in the second half of the year, is based on 31.2 million Regal shares outstanding, according to Thomson Reuters calculations.

The deal has an enterprise value of C$766 million, Health Care REIT and Revera said.

Regal operates 23 senior housing communities, including 13 in Ontario, seven in Quebec, and one each in British Columbia, Saskatchewan and Newfoundland. It gets about 83 percent of its net operating income from Toronto, Montreal, Ottawa and Vancouver.

The deal is expected to be immediately accretive to funds from operations and funds available for distribution per share, Health Care REIT and Revera said.

Brookfield Financial and BMO Capital Markets are advising Health Care REIT and Revera, while CIBC is Regal's financial adviser.

(Reporting by Kanika Sikka in Bengaluru; Editing by Simon Jennings)