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AMN completes Medfinders deal

September 01 2010

AMN Healthcare Services Inc. (NYSE: AHS) announced today it completed its acquisition of Arlington TX-based Nursefinders Inc., the parent company of Medfinders.

AMN acquired Medfinders for approximately 6.3 million shares of AMN common stock and approximately 5.7 million shares of non-voting series A conditional convertible preferred stock. Assuming the conversion of preferred stock into common stock, the transaction is valued at $186 million (including the approximately $133 million of refinanced Medfinders indebtedness), according to AMN. Medfinders shareholders will own approximately 26% of AMN assuming conversion of preferred stock.

Medfinders ranked as the seventh-largest healthcare staffing firm, according to Staffing Industry Analysts' 2010 list of largest U.S. healthcare staffing firms. AMN ranked as the largest healthcare staffing firm.

"In addition to leveraging and building on our capabilities in our core businesses of travel healthcare staffing, locum tenens, and physician permanent placement, we are able to immediately bolster our managed services capabilities, which are increasingly preferred by clients today," said AMN CEO Susan Salka (formerly Nowakowski). "This acquisition also gives us the instant ability to enter into home healthcare services, in sync with our long-term strategy of diversification into new synergistic healthcare service segments."

Bob Livonius, former Medfinders' CEO, was named president of strategic workforce solutions at AMN. Livonius will oversee AMN's managed service provider and local/per diem staffing operations and development while also leading the support and expansion of the company's home healthcare services division.

Other key Medfinders employees remaining with AMN after the acquisition include Denise Deans-Graf, president of local staffing, and Linda Sheffield, president of home healthcare services.

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