The acquisition is expected to help Owens & Minor to accelerate its support for hospitals. Credit: Hush Naidoo Jade Photography on Unsplash.

Global healthcare solutions company Owens & Minor has signed a definitive agreement to acquire Apria, which provides integrated home healthcare equipment services in the US, for an equity value of nearly $1.45bn.

As per the terms of the agreement, Owens & Minor has agreed to purchase each common stock share of Apria for $37.50 in cash.

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Owens & Minor president and CEO Edward Pesicka said: “The combination of two complementary businesses in Byram Healthcare and Apria will enable us to better serve the entire patient journey – through the hospital and into the home – ultimately furthering our mission of Empowering Our Customers to Advance Healthcare.

“In addition, this transaction diversifies our total company revenue stream by expanding our presence in the higher-growth home healthcare market.”

The deal is expected to improve Owens & Minor’s position in the home healthcare market, as well as diversify its revenue base, while expanding its patient direct platform and portfolio.

Additionally, the transaction is expected to create a new platform for Owens & Minor to support its future growth and fast track its support for hospitals.

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Apria CEO Dan Starck said: “Both companies share cultures fuelled by a commitment to customers, patients, teammates and the communities we serve. We look forward to joining together and delivering the highest quality healthcare solutions to our customers.”

Completion of the deal is subject to customary closing conditions and other regulatory approvals and is expected to take place during the first half of this year.

For this deal, Evercore and JP Morgan Securities acted as the lead financial advisor and financial advisor to Owens & Minor, respectively, while Kirkland & Ellis served as its legal advisor.

Goldman Sachs & Co served as lead financial advisor to Apria and Citigroup Global Markets acted as financial advisor. Simpson Thacher & Bartlett served as Apria’s legal advisor.