ATI Physical Therapy has successfully completed its merger with Fortress Value Acquisition Corp. II (FAII), approved by shareholders on June 15, 2021. This merger positions ATI as a leader in the $22 billion outpatient physical therapy market, operating nearly 900 clinics across 24 states. As of June 17, 2021, ATI's Class A common stock will trade under the symbol ATIP. The company reported a gross debt of $561.2 million with a net debt of $463.5 million and an Adjusted EBITDA of $134.3 million, leading to a net debt leverage ratio of 3.5x.
ATI Physical Therapy and Fortress Value Acquisition Corp. II (FAII) announced the approval of their business combination at a special stockholder meeting on June 15, 2021. Approximately 26% of Class A common stockholders opted to redeem their shares, totaling around $89.9 million at a redemption price of $10 per share. The merger is expected to close on June 16, 2021, allowing ATI's Class A common stock and warrants to begin trading as ATIP and ATIP WS on the NYSE on June 17, 2021.
Fortress Value Acquisition Corp. II (FAII) and ATI Physical Therapy have entered into a definitive merger agreement. The combined entity will retain the ATI brand and is projected to close in Q2 2021, pending stockholder approval. ATI operates nearly 900 clinics in 25 states and capitalizes on the growing $22 billion outpatient physical therapy market. The transaction values the combined company at approximately $2.5 billion, utilizing $345 million in cash and a $300 million PIPE. After the merger, existing equity holders will maintain substantial ownership, and significant debt reduction is anticipated.