As of today’s last check, shares of Cross Country Healthcare, Inc. (NASDAQ: CCRN) were up 61.71% at $18.05 following the company’s announcement of a final deal to be purchased by Aya Healthcare.
Aya would pay $18.61 per share in cash for Cross Country, making the deal worth about $615 million. This purchase is 68% over CCRN’s 30-day volume-weighted average trading price and 67% above the company’s closing price on December 3, 2024.
Increasing the Range of Complete Workforce Solutions
As leaders in tech-enabled workforce solutions, Aya Healthcare and Cross Country’s complementary competencies are combined in this transaction. CCRN’s range of services, which includes clinical staffing in non-clinical settings including homes and schools, enhances Aya’s background in allied health and travel nursing.
Together, the companies will offer a variety of services throughout all 50 states, such as per diem staffing, temporary leadership solutions, permanent placement, and locum tenens. Using state-of-the-art technologies such as predictive analytics, float pool tools, and vendor management, this strategic partnership aims to offer seamless workforce solutions.
Innovation and Patient Care Initiatives
Aya Healthcare shares Cross Country’s vision of leveraging innovative technologies to connect healthcare professionals with the right opportunities. This merger is expected to amplify efficiencies and expand service offerings for healthcare systems, schools, clinicians, and non-clinical professionals. By maintaining separate brands, the companies will broaden their candidate pool while enhancing assignment opportunities for clinicians.
Leadership and Future Prospects
Post-acquisition, Cross Country will transition to a private entity, delisting from NASDAQ, and continue operations under its current leadership. John A. Martins will remain as President and CEO of CCRN, spearheading innovation and growth as part of Aya Healthcare.
Aya plans to sustain a significant presence in Boca Raton, FL, ensuring a smooth transition and ongoing support for employees and clients. This all-cash deal underscores the combined commitment to clinical excellence and exceptional patient care, delivering immediate value to Cross Country’s shareholders and transformative solutions for the healthcare sector.