Courtesy of Benzinga.
Cross Country Healthcare (NASDAQ: CCRN) announced today that it has acquired the
operating assets of On Assignment, Inc.’s Allied Healthcare staffing
division for an aggregate purchase price of $28.7 million, subject to
immaterial post-closing adjustments. Excluded from the transaction were
the accounts receivable, accounts payable and accrued compensation of
the business being acquired. Cross Country utilized a combination of
approximately $24.5 million cash on hand and $4.5 million borrowings
under its credit facility to fund the asset acquisition and related
costs. Subsequent to the transaction, Cross Country has approximately
$21 million of remaining availability on its revolver loan. Based on
unaudited financial statements, the acquired Allied Healthcare business
