The healthcare staffing landscape is witnessing a significant trend of consolidation as staffing solution companies strive to expand their reach. Digital staffing company Aya Healthcare is set to make a major move by acquiring Cross Country Healthcare for $18.61 per share in cash, with the transaction valued at approximately $615 million. This all-cash deal offers a 67% premium to Cross Country's closing price on December 3.

Complementary Workforce Solutions

Aya and Cross Country are known for their complementary, tech-enabled workforce solutions across the continuum of care. The proposed combination will diversify Aya's coverage, including Cross Country's clinical services in nonclinical settings like schools and homes, along with travel nursing, allied health, per diem, permanent staff hiring, interim leadership, locum tenens, and nonclinical professionals in all 50 states. Clients will benefit from leveraging the full suite of technology, such as vendor management, float pool technology, provider services, and predictive analytics. The addition of Cross Country's capabilities will provide clinicians with greater flexibility and convenience by tapping into a combined nationwide opportunity pool. 1: Aya's extensive global reach and technological prowess, combined with Cross Country's local expertise and diverse service offerings, create a powerful synergy. This will enable them to better serve the growing demand for healthcare professionals and meet the evolving needs of healthcare systems and schools. 2: The complementary nature of their services ensures that together, they can offer a more comprehensive range of solutions, from short-term staffing needs to long-term talent management. This will not only benefit clients but also enhance the career prospects of healthcare professionals by providing them with a wider range of assignment opportunities.

Completion Timeline and Post-Acquisition Details

Aya expects to complete the deal 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. Upon completion, Cross Country will become a private company, and its common stock will no longer trade on the Nasdaq. 1: This timeline allows both companies to plan and integrate their operations smoothly. It also gives stakeholders enough time to assess the benefits and potential impacts of the acquisition. 2: The transition to a private company structure will provide Cross Country with more flexibility in its operations and strategic decisions. It will enable the company to focus on delivering value to its clients and employees without the pressure of public market expectations.

Background on Aya and Cross Country

Aya, based in San Diego, is the largest healthcare talent software and staffing company in the U.S., with more than 4,500 global employees. Its digital staffing platform offers a wide range of healthcare-focused labor services, including travel nursing, allied health, per diem, permanent staff hiring, interim leadership, locum tenens, and nonclinical professionals. 1: Aya's success is built on its innovative technology and commitment to providing high-quality staffing solutions. The acquisition of Cross Country will further strengthen its position in the market and enable it to serve a larger client base. 2: Cross Country, based in Boca Raton, Florida, is a tech-enabled workforce solutions and advisory firm. With its acquisition, John A. Martins will continue to serve as president and CEO, ensuring continuity in the company's operations.

M&A Deals in the Healthcare Staffing Industry

Both Aya and Cross Country have been actively pursuing M&A deals to grow their businesses. Acquisitions allow staffing firms to pool resources, expand their client bases, and increase their geographical footprint. The need for qualified healthcare professionals continues to grow in parallel with the rising demand for healthcare services, driven by an aging population and a shortage of nurses in the U.S. 1: Aya's recent acquisitions, such as buying data-science-driven recruiting solution Winnow AI and picking up Flexwise Health and Polaris AI, have enhanced its AI capabilities for staffing, hiring, and retention. These acquisitions have positioned Aya as a leader in the use of technology in healthcare staffing. 2: Cross Country's acquisitions of Mint Medical Physician Staffing, Lotus Medical Staffing, and interim leadership firm Hireup Leadership have helped it build its locum tenens platform and strengthen its position in the talent management landscape. These deals have enabled Cross Country to offer a more comprehensive range of services to its clients.

Legal and Financial Advisors

Procopio, Cory, Hargreaves & Savitch LLP is serving as legal adviser to Aya, while BofA Securities Inc. is serving as financial adviser. Davis Polk & Wardwell LLP is serving as legal adviser to Cross Country. 1: These legal and financial advisors play a crucial role in ensuring the smooth execution of the deal and protecting the interests of both companies and their stakeholders. 2: Their expertise and experience in M&A transactions will help navigate the complex regulatory and financial aspects of the acquisition, providing confidence to the market and stakeholders.

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