Tuesday, Apria Healthcare Group Inc. (AHG), said its acquisition by the Blackstone Group (BX) has been completed. Blackstone acquired Apria for a total purchase price of approximately $1.7 billion, inclusive of retired debt and associated transaction costs.
Under the terms of the agreement, Apria stockholders will receive $21 in cash for each share of Apria common stock they own, without interest and less applicable withholding taxes.
The company also announced the retirement of its Chief Executive Officer Lawrence Higby and elected Norman Payson, an Apria board member for the past two years and a former managed care executive, to serve as its Executive Chairman and interim CEO.
Following the resignation, Lawrence Higby will still continue to serve as Vice Chairman and advisor to ensure a smooth transition.
Payson commented, "Larry Higby and his team have done an outstanding job in growing Apria from $940 million in revenues in 1999, as a provider of primarily home respiratory and medical equipment services, to $2.1 billion in revenues as a highly diversified and high quality provider of a broad range of homecare services."
AHG is currently trading at $20.98, up 49.96% or $6.99, on a volume of 13.8 million shares on the NYSE.
BX is currently trading at $6.92, down 1.14% or $0.08, on a volume of 1.7 million shares on the NYSE.
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