Shareholders of PHC, the parent company of Pioneer Behavioral Health, approved a deal that would give 77.5% ownership of the company to shareholders of Acadia Healthcare Co., a behavioral healthcare company controlled by financial firm Waud Capital Partners, according to a PHC news release.
PHC shareholders OK deal with Acadia
As a result, the deal announced May 23 between Peabody, Mass.-based PHC and Franklin, Tenn.-based Acadia is expected to close Nov. 1, subject to the satisfaction of other closing conditions. Bruce Shear, president and CEO of PHC, said in the release that 89% of its Class A shareholders voted in favor of the deal.
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