Acadia Healthcare executives have signed a deal to pay $2.2 billion for one of the largest behavioral health care providers in the United Kingdom, a move that will more than triple its bed count in that country.
Franklin-based Acadia had been reported to be interested in Priory Group, which runs more than 300 facilities with about 7,200 beds. The company rang up 2015 revenues of about $865 million and produced adjusted EBITDA of $196 million.
The companies’ acquisition agreement calls for Acadia to pay almost $1.9 billion in cash and issue stock worth about $330 million with an eye to closing the deal by the middle of next month. Bank of America Merrill Lynch and Jefferies Finance have committed to provide some debt to help fund the cash component.
“This transaction strongly validates our strategic decision to enter the U.K. 18 months ago and our ongoing investment in the country, which has expanded our current presence to 54 inpatient facilities with approximately 2,200 beds,” said Chairman and CEO Joey Jacobs.
Read the entire story from the Nashville Post here.
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