Home-health provider Apria Healthcare Group, Lake Forest, Calif., said it completed its purchase of privately held Coram, a Denver-based provider of home-infusion and specialty-pharmaceutical distribution services, for $350 million in cash. Coram provides products and services at more than 70 home-infusion branches and 50 ambulatory infusion sites across the country.
Last month, Apria withdrew its proposed offering of $265 million in notesproceeds of which were to be used to buy Corambecause of adverse capital market conditions. Instead, the company said it would use funds under its $500 million revolving credit line.
Together with Aprias existing infusion patient base, the new infusion division that will remain in Denver cares for more than 100,000 patients each year and is licensed in all 50 states. In October, Apria said it expected the deal to generate about $500 million of revenue in 2008 and estimated it will be accretive to 2009 net after-tax earnings by about $5 million to $6 million. -- by Jessica Zigmond
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