Aya Healthcare to Acquire Cross Country in $615M Deal

The healthcare staffing market continues to consolidate as staffing companies pursue expansion through mergers and acquisitions (M&A). Aya Healthcare, a digital staffing firm, has announced plans to acquire Cross Country Healthcare for $18.61 per share in cash, valuing the deal at approximately $615 million. This all-cash transaction represents a 67% premium over Cross Country’s closing price on December 3.

Aya stated that the two companies offer complementary, tech-enabled workforce solutions across various care settings. The acquisition will expand Aya’s services to include Cross Country’s clinical services in nonclinical areas like schools and homes, alongside its existing offerings in travel nursing, allied health, and other staffing solutions across all 50 states. The merger will also provide clients with enhanced technology, including vendor management, float pool technology, and predictive analytics, and offer clinicians greater flexibility with access to a wider range of opportunities.

The deal is expected to close in the first half of 2025, pending approval from Cross Country stockholders and regulatory approvals. Upon completion, Cross Country will become a private company and its stock will no longer be traded on Nasdaq.

Aya, based in San Diego, is the largest healthcare staffing company in the U.S. with over 4,500 employees globally. Its platform offers a wide range of healthcare staffing services. Cross Country, based in Boca Raton, Florida, is a tech-enabled workforce solutions provider. Following the acquisition, Cross Country’s CEO, John Martins, will continue in his role.

Both companies have actively pursued M&A to expand their resources, client bases, and geographical reach, as the demand for healthcare professionals, such as nurses and doctors, continues to grow. Aya recently acquired Winnow AI, Flexwise Health, and Polaris AI to enhance its staffing and retention capabilities. Cross Country has also expanded its services through acquisitions, including Mint Medical Physician Staffing and Hireup Leadership.

Aya’s legal adviser for this transaction is Procopio, Cory, Hargreaves & Savitch LLP, with BofA Securities serving as financial adviser. Cross Country’s legal adviser is Davis Polk & Wardwell LLP.