Aya Healthcare and Cross Country Healthcare announced on December 4 that they have entered into a definitive agreement whereby Aya will acquire Cross Country.
Cross Country Healthcare is being acquired for $18.61 per share in cash in a transaction valued at approximately $615 million.
Cross Country Healthcare provides healthcare staffing and workforce solutions in the United States. The Boca Raton, Florida-based company assists more than 3,000 healthcare facilities in the United States and Caribbean. According to its most recent annual report, Cross Country had revenues of more than $2 billion during full year 2023, and EBITDA of $129.3 million.
Aya Healthcare, Inc. is one of the largest healthcare talent software and staffing companies in the United States. The company delivers every component of healthcare-focused labor services, including travel nursing and allied health, per diem, permanent staff hiring, interim leadership, locum tenens and non-clinical professionals.
Following completion of the transaction, and to ensure a seamless transition, John A. Martins will continue to serve as President and Chief Executive Officer of Cross Country, driving the next phase of growth and innovation for the company as part of Aya.
Completion of the transaction is expected in the first half of 2025. Cross Country will become a private company and its common stock will no longer trade on the NASDAQ. Aya expects to maintain a significant presence in Boca Raton, Florida.
Procopio, Cory, Hargreaves & Savitch LLP is serving as legal advisor to Aya Healthcare. BofA Securities, Inc. is serving as financial advisor and Davis Polk & Wardwell LLP is serving as legal advisor to Cross Country Healthcare.
According to data captured in the LevinPro HC database, this acquisition represents the 21st healthcare staffing transaction of 2024. There were 29 healthcare staffing deals announced during 2023, and 35 announced during 2022.
This also marks Aya Healthcare’s second transaction of 2024. In January, the company acquired ID Medical, a leading workforce solutions provider in the United Kingdom, for an undisclosed price. In 2023, Aya Healthcare acquired Flexwise Health in June, followed by Polaris AI in July.
