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Direct Investment  + M&As  |  January 3, 2025
Aya Healthcare to Buy Cross Country Healthcare in $615M Take-Private Deal
Joe Palmisano
By: Joe Palmisano

Aya Healthcare to Buy Cross Country Healthcare in $615M Take-Private Deal

Aya Healthcare has acquired Cross Country Healthcare in a take-private all-cash deal valued at approximately $615 million. Aya will pay $18.61 per share, representing a 67% premium to Cross Country’s closing price on December 3, 2024.

Aya and Cross Country offer complementary, tech-enabled workforce solutions across the continuum of care. The proposed combination will diversify Aya’s coverage to include Cross Country’s clinical services in non-clinical settings, including 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.

“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 CEO of Aya.

John A. Martins will continue as president and CEO of Cross Country upon closing. The deal is expected to close in the first half of 2025.

Procopio, Cory, Hargreaves & Savitch LLP is serving as legal advisor to Aya Healthcare. BofA Securities, Inc. is serving as financial advisor and Davis Polk & Wardwell LLP is serving as legal advisor to Cross Country Healthcare.

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Aya HealthcareCross Country Healthcare

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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