Cross Country Healthcare, Inc. (NASDAQ:CCRN) shares are rocketing premarket on Wednesday after the company inked a deal to be acquired by Aya Healthcare for $18.61 per share in an all-cash transaction valued at around $615 million.
This price represents a 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.
The merger will expand Aya's services by adding Cross Country's clinical offerings in non-clinical settings such as schools and homes, alongside Aya's expertise in travel nursing, allied health, and staffing for per diem, permanent roles, interim leadership, locum tenens, and non-clinical professionals nationwide.
Together, the companies aim to reduce care costs, improve clinical outcomes, and provide better staffing solutions, while also offering employees growth opportunities through shared best practices.
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.
John A. Martins, President and Chief Executive Officer of Cross Country, said, "This compelling all-cash transaction will deliver significant and immediate value to our stockholders. Importantly, 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, said, "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."
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