Aya Healthcare to acquire Cross Country Healthcare in $615Mn deal
CALIFORNIA and FLORIDA, UNITED STATES — Aya Healthcare, the largest healthcare staffing firm in the United States, announced its acquisition of Cross Country Healthcare in a $615 million transaction.
The all-cash deal offers Cross Country stockholders $18.61 per share, representing a substantial 67% premium over the company’s December 3 closing price.
Expanding portfolio of 2 healthcare staffing leaders
The merger brings together two of America’s premier healthcare workforce solution providers.
San Diego-based Aya Healthcare, with its 4,500+ global employees, ranks as the largest healthcare staffing firm in the United States and the seventh largest globally, according to SIA data.
Meanwhile, Cross Country, the seventh largest healthcare staffing firm in the U.S., brings expertise in per diem staffing, permanent placements, and school-based services with its 38-year legacy of clinical excellence. The company is based in Boca Raton, Florida.
Enhanced technological integration
Both organizations bring complementary tech-enabled workforce solutions, including vendor management systems, float pool technology, and predictive analytics.
“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,” said Alan Braynin, president and Chief Executive Officer of Aya.
“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.”
Leadership and future operations
John Martins will continue as President and CEO of Cross Country, which will maintain its brand identity while operating under the Aya umbrella. The company will maintain a significant presence in Boca Raton, Florida, while operating across all 50 states.
The transaction, expected to close in the first half of 2025, will result in Cross Country becoming a private company and delisting from NASDAQ.
“This compelling all-cash transaction will deliver significant and immediate value to our stockholders,” noted Martins.
“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.”
The combined entity is positioned to capture approximately 20% of the market share, solidifying its dominance in the healthcare staffing industry.
