AdaptHealth Corp. (NASDAQ: AHCO) announced entry into a definitive agreement to acquire AeroCare Holdings, Inc. AeroCare is a technology enabled respiratory and home medical equipment distribution platform within the United States that offers direct to patient equipment services. Luke McGee commented, “We are very excited to welcome Steve and the AeroCare team to AdaptHealth. This highly accretive transaction pairs up two industry leaders with similar strategies and strong execution track records of growth and profitability, technology innovation, and patient service. Our combined company will further enhance our geographic reach with a footprint in 47 of the 48 continental US states, strengthening relationships with our referral partners, patients, manufacturers, and managed healthcare plans. Steve is a highly-regarded innovator in our industry and will bring exceptional leadership to AdaptHealth.”
Steve Griggs added, “Joining forces with AdaptHealth strengthens our combined ability to transform our industry and positively impact the lives of chronically ill patients across the country. I am very excited to partner with Luke, Josh and the AdaptHealth team to build an even stronger business, sharing best practices across each organization to drive operational efficiencies and create enhanced opportunities for our employees, patients, referral sources and other stakeholders.”
AeroCare is valued at USD 2 Billion via the transaction with cash consideration of USD 1.1 Billion which may include 31 million shares of AdaptHealth common stock.