Cross Country Healthcare to acquire assets of Medical Staffing Network

Cross Country Healthcare, announced that it has signed a definitive agreement to acquire substantially all of the assets and business of Medical Staffing Network and assume substantially all of the liabilities of MSN for an aggregate purchase price of $48.3M, subject to a post-closing working capital adjustment. MSN is a comprehensive healthcare staffing company which has 55 locations throughout the U.S. that provide per diem, local, contract, travel, and permanent hire staffing services. For the year ended December 31, 2013 and the four-month period ended April 30, 2014, MSN had unaudited revenues of $229M and $78M, respectively. The transaction is expected to be dilutive to earnings per share by 10c-2c for 2014, primarily due to acquisition and integration related charges; and accretive to 2015 earnings per share by 12c-15c. These estimates are subject to assumptions regarding the timing of the closing of the deal, the attainment of synergies, as well as the company’s tax rates and the finalization of purchase accounting. Consummation of the transaction is subject to customary closing conditions. It is anticipated that the Closing will occur before the end of June.

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