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AMN Healthcare to acquire Advanced Medical

AMN Healthcare Services, Inc. has reported  a definitive agreement to acquire Advanced Medical Personnel Services, Inc. (Advanced). The purchase price is $200m, with up to an additional $20m to be paid based on Advanced's 2019 financial performance. The acquisition is structured to allow AMN to realise tax benefits with an estimated net present value of $8m and is expected to be immediately accretive to AMN's adjusted earnings per share. 

Advanced is an innovative healthcare staffing company that specialises in placing therapists and nurses in contract positions across multiple settings including hospitals, schools, clinics, skilled nursing facilities, and home health. It has built a strong reputation for expertise in placement within critical, high-shortage clinical disciplines.  More recently, the entrepreneurial team at Advanced has been successful in launching a platform that serves the needs of children within large school districts through both on-site and telehealth therapists.  Advanced has a current annualised run rate of approximately $140m revenue and adjusted EBITDA of $20m.

Susan Salka, president and chief executive officer of AMN Healthcare, said, "We are thrilled that the innovative team at Advanced will soon be part of the AMN family.  Advanced will provide AMN the opportunity to enhance our offerings in some of the fastest growing and most important care settings.  In addition to the attractive nature of their growing footprint in schools, we are excited about the potential of the recently launched telehealth platform for delivery of speech therapy to children across the country.

"This acquisition also expands our talent network of healthcare professionals and increases our placement capabilities where we have the most significant imbalances of talent supply and demand."

Jennifer Fuicelli, CEO of Advanced, added, "We are pleased that AMN will further accelerate the unique position Advanced has developed in healthcare staffing, particularly in school services and technology to deliver therapy remotely. Under AMN's leadership, Advanced will continue to flourish in providing innovative solutions in the constantly evolving healthcare landscape."

The acquisition, subject to regulatory approvals and customary closing conditions, is expected to close by early June 2019. Additional information regarding this transaction can be found in the Form 8-K. 

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