US-based healthcare staffing agency Aya Healthcare has agreed to acquire Cross Country Healthcare, an advisory firm and provider of workforce solutions, for around $615m.
The acquisition will combine Aya and Cross Country's tech-enabled workforce solutions in an effort to diversify Aya's offerings across the healthcare sector.
The partnership aims to enhance Aya Healthcare's existing services in travel nursing, per diem, allied health, permanent staff hiring, locum tenens, interim leadership and non-clinical professionals.
Both companies' clients are expected to benefit from a suite of technology solutions, including vendor management systems, provider services, float pool technology and predictive analytics.
The combined entity aims to assist clients in reducing care costs while ensuring high clinical outcomes for patients.
Aya Healthcare president and CEO Alan Braynin said: “We are excited to join forces with Cross Country and, together, bring more innovative solutions and exceptional service across the industry.
“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.
“Aya and Cross Country will operate as separate brands, supporting each other’s clients with increased access to candidates while expanding assignment opportunities for clinicians.”
The transaction is anticipated to close in the first half of next year, pending approvals from Cross Country stockholders and regulatory bodies.
Following the acquisition, Cross Country will turn into a private entity and delist from the NASDAQ, while Cross Country president and CEO John Martins will continue in his role to ensure a smooth transition.
Legal and financial advisors have been appointed for both companies, with Procopio, Cory, Hargreaves & Savitch acting as legal advisor to Aya Healthcare.
BofA Securities and Davis Polk & Wardwell are serving as financial advisor and legal advisor respectively to Cross Country Healthcare.
