Cross Country Healthcare To Go Private In $615 Mln Deal; Stock Surges In Pre-market

(RTTNews) - Shares of Cross Country Healthcare Inc. (CCRN) were jumping nearly 64 percent in the pre-market activity on the Nasdaq, after the workforce solutions and advisory firm agreed on Wednesday to be acquired by Aya Healthcare in a cash deal valued at around $615 million.

Under the deal, Aya Healthcare, the largest healthcare talent software and staffing company in the U.S., will buy Cross Country for $18.61 per share in cash.

The all-cash transaction represents a premium of 67 percent to Cross Country's closing price on December 3, and a premium of 68 percent to the volume-weighted average trading price for the 30-day trading period ended the same day.

Completion of the deal is expected in the first half of 2025, subject to the approval of Cross Country stockholders and other customary closing conditions, including regulatory approvals.

The transaction is not subject to a financing condition.

Cross Country said its Board of Directors unanimously approved the merger agreement and intends to recommend that its stockholders vote in favor of it at a Special Meeting of Stockholders, which will be scheduled as soon as practicable.

Following the deal closure, Cross Country will become a private company and its common stock will no longer trade on the NASDAQ.

The proposed combination is expected to diversify Aya's coverage to include Cross Country's clinical services in non-clinical settings. These include 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.

In pre-market activity on the Nasdaq, Cross Country shares were trading at $18.28, up 63.80%.