Aya Healthcare to Acquire Cross Country Healthcare for Approximately $615 Million in Cash
Aya Healthcare has announced the acquisition of Cross Country Healthcare for $615 million in an all-cash transaction at $18.61 per share, representing a 67% premium to Cross Country's closing price on December 3, 2024. The merger combines complementary tech-enabled workforce solutions, expanding Aya's coverage to include Cross Country's clinical services in non-clinical settings across all 50 states.
The combined entity will offer enhanced services including travel nursing, allied health, per diem, permanent staff hiring, interim leadership, and locum tenens. Cross Country will operate as a separate brand under Aya, with John A. Martins continuing as President and CEO. The transaction is expected to close in first half of 2025, subject to stockholder and regulatory approvals.
Aya Healthcare ha annunciato l'acquisizione di Cross Country Healthcare per 615 milioni di dollari in una transazione completamente in contante a 18,61 dollari per azione, che rappresenta un premio del 67% rispetto al prezzo di chiusura di Cross Country del 3 dicembre 2024. La fusione combina soluzioni aggiuntive di forza lavoro abilitate dalla tecnologia, ampliando la copertura di Aya per includere i servizi clinici di Cross Country in contesti non clinici in tutti e 50 gli stati.
La nuova entità offrirà servizi migliorati, tra cui infermieristica per viaggi, salute alleati, pagamenti per giorno, assunzione di personale permanente, leadership temporanea e locum tenens. Cross Country opererà come un marchio separato sotto Aya, con John A. Martins che continuerà come Presidente e CEO. Si prevede che la transazione si completi nella prima metà del 2025, soggetta all'approvazione degli azionisti e delle autorità di regolamentazione.
Aya Healthcare ha anunciado la adquisición de Cross Country Healthcare por $615 millones en una transacción totalmente en efectivo a $18.61 por acción, lo que representa una prima del 67% sobre el precio de cierre de Cross Country del 3 de diciembre de 2024. La fusión combina soluciones complementarias de fuerza laboral habilitadas por tecnología, ampliando la cobertura de Aya para incluir los servicios clínicos de Cross Country en entornos no clínicos en los 50 estados.
La entidad combinada ofrecerá servicios mejorados que incluyen enfermería de viaje, salud aliada, pago por día, contratación de personal permanente, liderazgo interino y locum tenens. Cross Country operará como una marca separada bajo Aya, con John A. Martins continuando como Presidente y CEO. Se espera que la transacción se complete en la primera mitad de 2025, sujeta a la aprobación de los accionistas y reguladores.
Aya Healthcare는 Cross Country Healthcare를 6억 1500만 달러에 현금 거래로 인수한다고 발표했습니다. 주당 18.61달러로, 이는 2024년 12월 3일 Cross Country의 종가에 비해 67%의 프리미엄을 나타냅니다. 이번 합병은 기술 기반의 인력 솔루션을 결합하여 Aya의 서비스 범위를 모든 50개 주에서 비의료 환경의 Cross Country 임상 서비스로 확장합니다.
결합된 기업은 여행 간호, 동료 건강, 일일 근무, 영구 직원 채용, 임시 리더십 및 로컴텐스와 같은 향상된 서비스를 제공할 것입니다. Cross Country는 Aya 산하의 별도 브랜드로 운영되며, John A. Martins가 계속하여 사장 겸 CEO로 재직할 것입니다. 이 거래는 주주 및 규제 기관의 승인을 조건으로 2025년 상반기에 종료될 것으로 예상됩니다.
Aya Healthcare a annoncé l'acquisition de Cross Country Healthcare pour 615 millions de dollars dans le cadre d'une transaction entièrement en espèces au prix de 18,61 dollars par action, ce qui représente une prime de 67 % par rapport au prix de clôture de Cross Country du 3 décembre 2024. La fusion combine des solutions de main-d'œuvre activées par la technologie, élargissant la couverture d'Aya pour inclure les services cliniques de Cross Country dans des environnements non cliniques dans tous les États-Unis.
L'entité combinée proposera des services améliorés, notamment des soins infirmiers de voyage, des soins alliés, des paiements journaliers, le recrutement de personnel permanent, le leadership intérimaire et des locum tenens. Cross Country opérera en tant que marque distincte sous Aya, John A. Martins continuant en tant que Président et CEO. La transaction devrait être finalisée au premier semestre de 2025, sous réserve de l'approbation des actionnaires et des régulateurs.
Aya Healthcare hat die Übernahme von Cross Country Healthcare für 615 Millionen Dollar in einer rein baren Transaktion zu 18,61 Dollar pro Aktie angekündigt, was einem Aufschlag von 67 % gegenüber dem Schlusskurs von Cross Country am 3. Dezember 2024 entspricht. Die Fusion kombiniert komplementäre, technologiegestützte Personallösungen und erweitert Ayas Abdeckung um Cross Countrys klinische Dienstleistungen in nicht-klinischen Einrichtungen in allen 50 Bundesstaaten.
Die kombinierte Einheit wird verbesserte Dienstleistungen anbieten, einschließlich Reisepflege, Verbundgesundheit, Tagessätze, Festanstellungen, interimistisches Management und Locum Tenens. Cross Country wird als separate Marke unter Aya tätig sein, wobei John A. Martins weiterhin als Präsident und CEO fungiert. Der Abschluss der Transaktion wird für die erste Hälfte 2025 erwartet, vorbehaltlich der Genehmigungen von Aktionären und Regulierungsbehörden.
- All-cash acquisition at 67% premium to market price
- Expanded service coverage across all 50 states
- Diversification into non-clinical settings (schools and homes)
- Enhanced technology solutions and service offerings
- Retention of existing management team ensuring operational continuity
- Cross Country will be delisted from NASDAQ post-acquisition
- Transaction subject to regulatory and stockholder approvals
Insights
This major acquisition represents a significant consolidation in the healthcare staffing industry. The
The strategic rationale is compelling: Aya Healthcare gains Cross Country's established presence in non-clinical settings and expands its service portfolio across all 50 states. The combination creates a more diversified healthcare staffing powerhouse with enhanced technological capabilities and broader market reach.
Key financial implications include:
- No financing contingency, suggesting Aya has secured funding
- Expected closing in H1 2025, subject to regulatory and shareholder approval
- Cross Country will be delisted from NASDAQ post-acquisition
- Retention of significant operations in Boca Raton indicates commitment to maintaining operational continuity
This merger significantly reshapes the healthcare staffing landscape. The combined entity will have enhanced market positioning through:
- Expanded service offerings across clinical and non-clinical settings
- Improved technological infrastructure for workforce management
- Greater geographical coverage and deeper market penetration
-
Cross Country stockholders to receive
$18.61 - Expands Aya’s client service and delivery capabilities with Cross Country’s nearly 40-year history of clinical excellence and quality patient care
- Provides clinicians with greater flexibility and convenience by tapping into the combined pool of nationwide opportunities, with competitive compensation and a world-class experience
- Creates immediate stockholder value for Cross Country, through a nearly 67 percent premium
Aya and Cross Country 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, including 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. Clients will benefit by leveraging the full suite of market-leading technology, including a seamless solution for vendor management, float pool technology, provider services and predictive analytics. From best-in-class service and insights, to solving complex staffing challenges, together, Cross Country and Aya will help clients reduce the cost of care and deliver high clinical outcomes for patients. Employees of both companies will benefit from shared best practices, with great opportunities for their personal growth.
“We are excited to join forces with Cross Country and, together, bring more innovative solutions and exceptional service across the industry,” said Alan Braynin, president and Chief Executive Officer of Aya. “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.”
“Aya shares our mission of connecting people and jobs through intuitive technologies and innovative solutions that enable healthcare professionals and organizations to achieve their goals, ensuring clinical excellence and exceptional patient care come first,” said John A. Martins, President and Chief Executive Officer of Cross Country. “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.”
Kevin C.
Following completion of the transaction, and to ensure a seamless transition, Mr. Martins will continue to serve as President and Chief Executive Officer of Cross Country, driving the next phase of growth and innovation for Cross Country as part of Aya.
Transaction Timing, Details and Approval
Completion of the transaction is expected in the first half of 2025, subject to the approval of Cross Country stockholders and the satisfaction of other customary closing conditions, including regulatory approvals. The transaction is not subject to a financing condition.
The Cross Country Board of Directors unanimously approved the Merger Agreement and intends to recommend that Cross Country stockholders vote in favor of it at a Special Meeting of Stockholders, to be scheduled as soon as practicable.
Upon completion of the transaction, 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
Advisors
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.
About Aya Healthcare
Aya Healthcare is the largest healthcare talent software and staffing company in
About Cross Country Healthcare
Cross Country Healthcare, Inc. is a market-leading, tech-enabled workforce solutions and advisory firm with 38 years of industry experience and insight. We help clients tackle complex labor-related challenges and achieve high-quality outcomes, while reducing complexity and improving visibility through data-driven insights. Diversity, equality, and inclusion is at the heart of the organization’s overall corporate social responsibility program, and closely aligned with our core values to create a better future for its people, communities, and its stockholders.
Copies of this and other press releases, as well as additional information about Cross Country Healthcare, can be accessed online at ir.crosscountry.com. Stockholders and prospective investors can also register to automatically receive Cross Country Healthcare’s press releases, filings with the Securities and Exchange Commission (SEC), and other notices by e-mail.
Important Information and Where to Find It
This communication relates to a proposed transaction between Cross Country Healthcare, Inc. (“Cross Country”) and Aya Healthcare, Inc. (“Aya”) and certain wholly owned subsidiaries of Aya. In connection with this proposed transaction, Cross Country will file a proxy statement on Schedule 14A or other documents with the SEC. This communication is not a substitute for any proxy statement or other document that Cross Country may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF CROSS COUNTRY ARE URGED TO READ THE PROXY STATEMENT, INCLUDING THE DOCUMENTS INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT, AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The definitive proxy statement, when available, will be mailed to stockholders of Cross Country as applicable. Investors and security holders will be able to obtain free copies of these documents, when available, and other documents filed with the SEC by Cross Country through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Cross Country will be available free of charge on Cross Country’s internet website at https://ir.crosscountryhealthcare.com/ or by contacting Cross Country’s primary investor relations contact by email at jvogel@crosscountry.com or by phone at 561-237-8310.
Participants in the Solicitation
Cross Country, Aya, their respective directors and certain of their respective executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of Cross Country, their ownership of Cross Country common shares, and Cross Country’s transactions with related persons is set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 23, 2024 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1141103/000162828024006454/ccrn-20231231.htm), in its proxy statement on Schedule 14A for its 2024 Annual Meeting of Stockholders in the sections entitled “Security Ownership of Certain Beneficial Owners and Management” and “Related Party Transactions”, which was filed with the SEC on April 1, 2024 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1141103/000114036124016761/ny20018339x1_def14a.htm), certain of its Quarterly Reports on Form 10-Q and certain of its Current Reports on Form 8-K.
These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Cautionary Note Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements regarding the proposed transaction, including the expected timing and closing of the proposed transaction; Cross Country’s ability to consummate the proposed transaction; the expected benefits of the proposed transaction and other considerations taken into account by the Cross Country Board of Directors in approving the proposed transaction; the amounts to be received by stockholders and expectations for Cross Country prior to and following the closing of the proposed transaction, may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of Cross Country based on current expectations and assumptions relating to Cross Country’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the timing to consummate the proposed transaction, (ii) the risk that a condition of closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, (iii) the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated, (iv) the diversion of management time on transaction-related issues, (v) risks related to disruption of management time from ongoing business operations due to the proposed transaction, (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of Cross Country, (vii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Cross Country to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (viii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, including in circumstances requiring Cross Country to pay a termination fee, (ix) the risk that competing offers will be made, (x) unexpected costs, charges or expenses resulting from the merger, (xi) potential litigation relating to the merger that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, (xii) worldwide economic or political changes that affect the markets that Cross Country’s businesses serve which could have an effect on demand for Cross Country’s services and impact Cross Country’s profitability, (xiii) effects from global pandemics, epidemics or other public health crises, (xiv) changes in marketplace conditions, such as alternative modes of healthcare delivery, reimbursement and customer needs and (xv) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, including tariffs and trade restrictions, cyber-security vulnerabilities, foreign currency volatility, swings in consumer confidence and spending, costs of providing services, retention of key employees, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Cross Country’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A - Risk Factors of Cross Country’s Annual Report on Form 10-K for the year ended December 31, 2023 and in Cross Country’s other filings with the SEC. The list of factors is not intended to be exhaustive.
These forward-looking statements speak only as of the date of this communication, and Cross Country does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of Cross Country.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241203417449/en/
Aya Healthcare
Lisa Park, Executive Vice President, Marketing & Communications
858-215-6892
lisa.park@ayahealthcare.com
Cross Country Healthcare
Investors
Josh Vogel, Vice President, Investor Relations
561-237-8310
jvogel@crosscountry.com
Media
Jim Golden / Clayton Erwin
Collected Strategies
CrossCountry-CS@collectedstrategies.com
Source: Cross Country Healthcare
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