BioScrip (NASDAQ: BIOS) and Option Care announced they are merging in perhaps the biggest home health deal of 2019 so far. Option Care provides home and alternate treatment site infusion services and is owned by Madison Dearborn Partners, LLC (MDP) and Walgreens Boots Alliance, Inc. (NASDAQ: WBA).

BioScrip offers infusion and home care management solutions, and as one of the largest nationwide providers, it services nearly 70 service locations nationwide. It partners with physicians, hospital systems,  and skilled nursing facilities to provide patients access to post-acute care services. BioScrip has made a few significant acquisitions itself over the past few years worth noting.

It acquired HS Infusions Holding, Inc. in 2016 for $85 million to boost its home infusion services. And in 2013 it acquired CarePoint Partners Holdings LLC, another home infusion business, for $223 million.

The scope of these services and the two companies are impressive. The merged company will cover 96% of the U.S. population, with facilities in 46 states and the ability to dispense and serve patients in all 50 states. The two companies had combined revenue of $2.6 billion in 2018.

The financial makeup of the deal is a bit more complicated. Under the terms of the deal, BioScrip will issue new shares to Option Care’s shareholder. MDP funds and WBA will beneficially own approximately 80% of the combined publicly traded company on a fully diluted basis, with  BioScrip shareholders holding the remainder. The merged will be directed by Option Care CEO John Rademacher and Option Care CFO Mike Shapiro.  It will continue to be traded on the NASDAQ Global Market.

Jefferies LLC and Moelis & Company are acting as joint financial advisors to BioScrip, and Gibson, Dunn & Crutcher are acting as legal advisor. Goldman Sachs & Co. and BofA Merrill Lynch are acting as financial advisors and Kirkland & Ellis are acting as legal advisor to Option Care.