Aya Healthcare to Acquire Cross Country Healthcare in $615 Million Deal

Aya Healthcare and Cross Country Healthcare have announced a definitive agreement whereby Aya will acquire Cross Country for $18.61 per share in cash in a transaction valued at approximately $615 million. The deal represents a premium of 67 percent to Cross Country’s closing price on December 3, 2024, and a premium of 68 percent to the volume-weighted average trading price for the 30-day trading period ended December 3, 2024.

The two companies offer complementary, tech-enabled workforce solutions across the continuum of care. The proposed combination will diversify Aya’s coverage to include Cross Country’s clinical services in non-clinical settings, such as schools and homes, in addition to travel nursing and allied health, per diem, permanent staff hiring, interim leadership, locum tenens, and non-clinical professionals in all 50 states.

The transaction is expected to be completed in the first half of 2025, subject to the approval of Cross Country stockholders and other customary closing conditions, including regulatory approvals. Advisors for the deal include Procopio, Cory, Hargreaves & Savitch LLP as legal advisor to Aya Healthcare, and BofA Securities, Inc. as financial advisor, and Davis Polk & Wardwell LLP as legal advisor to Cross Country Healthcare.

Source: Business Wire