Aya Healthcare, a leader in talent software and staffing solutions, has announced plans to acquire Cross Country Healthcare in a cash transaction valued at approximately $615 million. The $18.61-per-share deal, which will take Cross Country private, was unveiled Wednesday and is expected to close in the first half of 2025.

Strategic Alignment and Expanded Offerings

The acquisition will combine the complementary technologies and services of the two companies. Aya Healthcare aims to diversify its offerings with Cross Country’s clinical services, which operate in schools and homes, and its robust technology portfolio, including vendor management solutions and predictive analytics.

“This merger enables Aya and Cross Country to provide innovative solutions and unparalleled service to the industry,” said Alan Braynin, Aya’s president and CEO. “The two companies will maintain separate brands but collaborate to enhance candidate access and expand clinician opportunities.”

Cross Country’s president and CEO, John A. Martins, will remain through the transition and into the next phase of growth. Martins highlighted the benefits for stakeholders, saying, “This transaction delivers significant value to stockholders while expanding services and solutions for clients and clinicians.”

Legacy and Forward Vision

Cross Country chairman and co-founder Kevin C. Clark reflected on the company’s 40-year history, noting its success in tackling staffing challenges while providing exceptional care.

“With Aya, the combined entity will be even better positioned to achieve these goals in the future,” Clark said.

Legal and Financial Advisory Teams

The merger has been approved by Cross Country’s board of directors and is not subject to a financing condition.

• Cross Country Representation: Davis Polk & Wardwell LLP, with a team including corporate partners Oliver Smith and Brian Wolfe, executive compensation partner Jennifer S. Conway, tax partner William A. Curran, intellectual property partner Pritesh P. Shah, and antitrust and competition partner Howard Shelanski. BofA Securities Inc. is serving as financial adviser.
• Aya Representation: Procopio Cory Hargreaves & Savitch LLP.

Industry Impact

The merger creates a powerhouse in healthcare staffing and technology, promising enhanced services, expanded opportunities for clinicians, and operational efficiencies.

“This is a compelling next step for both companies as we bring together a complementary footprint and shared vision for the future,” Martins said.