Aya Healthcare has announced a major acquisition. It will buy Cross Country Healthcare for $615 million in cash, valuing Cross Country shares at $18.61 each. This represents a 67% premium over Cross Country’s recent closing price. The move aims to expand Aya’s client service and enhance its delivery capabilities by incorporating Cross Country’s nearly four decades of clinical excellence.

The acquisition brings Aya Healthcare and Cross Country’s complementary workforce solutions under one roof, diversifying Aya’s services. The combined company will serve healthcare clients across the continuum of care. They will offer staffing for clinical and non-clinical roles, ranging from travel nursing to permanent staff hiring. The services will also include interim leadership and locum tenens roles.

Cross Country’s expertise in non-clinical settings, such as schools and homes, adds a new dimension to Aya’s capabilities. Together, the companies will offer a unified technology-driven solution. This solution will feature advanced tools like vendor management, float pool tech, and predictive analytics.

For healthcare clients, this combination promises to reduce staffing costs. It will also elevate clinical outcomes, backed by best-in-class technology and workforce solutions.

Alan Braynin, Aya Healthcare’s CEO, highlighted the partnership’s potential for innovation, stating, “By combining our strengths and resources, we can offer enhanced value to healthcare systems, schools, clinicians, and non-clinical professionals.”

Cross Country’s leadership shares similar enthusiasm. John A. Martins, CEO of Cross Country, said, “Aya shares our mission of connecting people with jobs through intuitive technologies. This transaction will enhance our services for clients and provide a wider range of opportunities for healthcare clinicians.”

The partnership also creates immediate stockholder value for Cross Country’s investors, who will receive a significant premium for their shares. Cross Country will transition to a private company upon completion of the transaction, which is expected in the first half of 2025. The company’s stock will no longer be traded publicly, but Aya plans to maintain a strong presence in Boca Raton, FL, Cross Country’s headquarters.

Kevin C. Clark, Cross Country’s co-founder and chairman, reflected on the journey since founding the company in 1986. He expressed confidence in the combined entity’s ability to continue delivering high-quality outcomes and solving complex staffing challenges for years to come.

Martins will remain as CEO of Cross Country after the transaction closes, ensuring continuity in leadership as the companies integrate and grow together.

Rod Hess

---

Rod Hess is a marketing mad man, but more Doc Brown than Don Draper. Rod is the Content Marketing Director for Talivity (formerly RecruitmentMarketing.com) and has been working in online marketing and advertising for over 15 years. He's been featured in publications like Forbes and Mashable. If you catch him tapping a pencil or bouncing his leg, it's because his brain never turns off. He's just dreaming up his latest AI scheme.