Aya Healthcare has entered a definitive agreement to acquire fellow staffing solutions company Cross Country Healthcare for an estimated $615 million.
The all-cash transaction is expected to close in the first half of 2025, pending regulatory approval, according to a Wednesday news release.
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The two companies would operate separately under the agreement, with Cross Country President and CEO John Martins continuing to lead Cross Country as part of Aya.
Publicly traded Cross Country would become a private company once the transaction is completed, according to the news release.
Cross Country reported revenue of $315.1 million in this year's third quarter ended Sept. 30 compared with $442.3 million in the same period in 2023, a 29% decrease, according to financial results reported in early November.
Aya Healthcare and Cross Country Healthcare declined requests for additional comments.
