Landmark Deal Sends Cross Country Healthcare Shares Soaring
In a major development, Cross Country Healthcare, Inc. (NASDAQ:CCRN) has agreed to be acquired by Aya Healthcare in an all-cash transaction worth approximately $615 million. This deal represents a significant 67% premium over Cross Country’s closing price on December 3, 2024, and a 68% premium over its 30-day volume-weighted average trading price ending on the same date.
Expanding Services and Capabilities
The merger will enable Aya to expand its services by incorporating Cross Country’s clinical offerings in non-clinical settings such as schools and homes. This will complement Aya’s expertise in travel nursing, allied health, and staffing for per diem, permanent roles, interim leadership, locum tenens, and non-clinical professionals nationwide. The combined entity aims to reduce care costs, improve clinical outcomes, and provide better staffing solutions, while also offering employees growth opportunities through shared best practices.
Transaction Details
The transaction is expected to close in the first half of 2025, pending approval from Cross Country’s stockholders and other customary conditions. The Cross Country Board of Directors has unanimously approved the agreement and will recommend stockholders vote in favor at a Special Meeting of Stockholders, which will be scheduled shortly. Once the transaction is complete, Cross Country will become a private company, and its common stock will be delisted from NASDAQ.
Leaders Weigh In
John A. Martins, President and Chief Executive Officer of Cross Country, stated, “This compelling all-cash transaction will deliver significant and immediate value to our stockholders. It will also enhance and expand services and solutions for our clients, provide a wider array of opportunities and efficiencies for our healthcare clinicians, and create new opportunities for our employees as part of an industry leader with a complementary footprint and offering.”
Alan Braynin, President and Chief Executive Officer of Aya, added, “By combining our strengths, resources, and unwavering commitment to delivering best-in-class talent solutions, we are uniquely positioned to offer enhanced value to our healthcare systems, schools, clinicians, and non-clinical professionals.”
Market Reaction
CCRN shares have surged 62.9% to $18.18 premarket, reflecting the significant value creation resulting from this deal.
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