Cross Country Healthcare Completes Sale of Clinical Trial Services Business to ICON
Cross Country Healthcare (NASDAQ: CCRN) announced today it has
completed the previously announced sale of its clinical trial services
business to ICON plc (NASDAQ: ICLR) for $52 million, plus an earn-out of
up to $3.75 million related to certain performance-based milestones.
Cross Country Healthcare used a portion of the net proceeds from this
transaction to repay all $29.3 million of its outstanding bank debt.
As a result of this sale, Cross Country Healthcare's clinical trial
services business segment will become discontinued operations and will
be reported as such on its financial statements for all applicable
periods presented in the Company's upcoming financial reporting for the
fourth quarter and year ended December 31, 2012.