Cross Country Healthcare To Buy Assets Of Medical Staffing Network

(RTTNews) - Cross Country Healthcare, Inc. (CCRN) said Monday that it has agreed to buy substantially all of the assets and business of Medical Staffing Network and assume substantially all of its liabilities for an aggregate purchase price of $48.3 million, subject to a post-closing working capital adjustment.

Medical Staffing Network 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, Medical Staffing Network had unaudited revenues of $229 million and $78 million, respectively.

The deal is expected to close before the end of this month.

Cross Country Healthcare expects the deal to be dilutive to earnings per share by $0.10 - $0.12 for 2014, mainly due to acquisition and integration related charges; and accretive to 2015 earnings per share by $0.12 - $0.15.