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Owens & Minor agrees $1.6bn acquisition of Apria

By Josh White

Date: Monday 10 Jan 2022

Owens & Minor agrees $1.6bn acquisition of Apria

(Sharecast News) - United States healthcare logistics company Owens & Minor has agreed to acquire home healthcare equipment supplier Apria for $37.50 in cash per share, it announced on Monday, representing an equity value of $1.45bn.
The NYSE-traded company said that under the terms of the agreement, which was unanimously approved by the boards of both companies, it would acquire the Nasdaq-traded Apria for $37.50 in cash per share, and assume its debt and cash, for a total transaction value of $1.6bn.

It said the price per share represented a 26% and 24% premium over Apria's closing share price on 7 January, and its 30-day volume-weighted average price, respectively.

The company said the transaction remained subject to customary closing conditions, including the Hart-Scott-Rodino Act and other regulatory approvals, as well as the approval of Apria's shareholders.

It was expected to close during the first half of 2022.

"I'm very excited about the acquisition of Apria, which will strengthen our total company value proposition," said Owens & Minor president and chief executive officer Edward Pesicka.

"The combination of two complementary businesses in Byram Healthcare and Apria will enable us to better serve the entire patient journey - through the hospital and into the home.

"In addition, this transaction diversifies our total company revenue stream by expanding our presence in the higher-growth home healthcare market."

Pesicka added that Owens & Minor was "impressed" by what Apria has built for customers.

Apria chief executive officer Dan Starck said he was "energised and enthusiastic" to join Owens & Minor.

"Both companies share cultures fuelled by a commitment to customers, patients, teammates and the communities we serve," Starck explained.

"We look forward to joining together and delivering the highest quality healthcare solutions to our customers."

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