Cross Country Healthcare Acquires Assets of Allied Healthcare Business for $28.7M

Cross Country Healthcare

announced today that it has acquired the operating assets of On Assignment, Inc.'s Allied Healthcare staffing division for an aggregate purchase price of $28.7 million, subject to immaterial post-closing adjustments. Excluded from the transaction were the accounts receivable, accounts payable and accrued compensation of the business being acquired. Cross Country utilized a combination of approximately $24.5 million cash on hand and $4.5 million borrowings under its credit facility to fund the asset acquisition and related costs. Subsequent to the transaction, Cross Country has approximately $21 million of remaining availability on its revolver loan. Based on unaudited financial statements, the acquired Allied Healthcare business