WASHINGTON (dpa-AFX) - Healthcare services company Cardinal Health, Inc. (CAH) announced late Monday its agreement to acquire the Diabetes Health business of AdaptHealth Corp. (AHCO), as well as Strive Medical, a multi-specialty supply provider with a focus on urology. The combined price for the transactions would be around $360 million in cash, subject to working capital adjustments.
The deals are expected to be accretive to non-GAAP earnings per share in the first 12 months following close. They are subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals.
With the two tuck-in acquisitions, the company aims to accelerate its at-Home Solutions' growth strategy, to expand its home care business.
The Diabetes Health business of AdaptHealth, a provider of patient-centered, healthcare-at-home solutions, serves more than 225,000 people annually. The unit operates primarily as a centralized, mail-order, direct-to-patient model to deliver supplies like continuous glucose monitors to support the ongoing management of diabetes.
Further, Strive Medical, an NMS Capital portfolio company, serves more than 20,000 people annually, and provides home medical supply, specializing in urology, wound care, ostomy, and incontinence supplies.
According to Cardinal Health, both agreements enhance the framework established by its most recent acquisition of Advanced Diabetes Supply.
Jason Hollar, Chief Executive Officer, Cardinal Health, stated, 'These strategic transactions build on the synergies created by our recent investments in home care. As a natural extension of our at-Home Solutions growth strategy, they expand our enterprise-wide depth and breadth across important therapeutic categories like diabetes management and urology, further strengthening our leadership in a highly dynamic industry.'
In the transactions, J.P. Morgan Securities LLC served as financial advisor to Cardinal Health.
In the overnight trading, Cardinal Health shares were gaining around 0.64 percent, at $227.19, after closing Monday's regular trading 1.21 percent lower.
In the after-hours activity, AdaptHealth shares were down 0.73 percent, at $10.90, after closing the day 0.18 percent higher.
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