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Cross Country completes MSN acquisition

July 01, 2014

Cross Country Healthcare Inc. (NASD: CCRN) completed its $48 million acquisition of Medical Staffing Network. The deal was announced June 2.

“This acquisition increases Cross Country’s branch network and market share, diversifies our customer base and brings us new service lines,” said Cross Country President and CEO William Grubbs. “I believe it positions us to serve our customers better and to increase earnings growth through improved fill rates, expansion of our MSP and per diem activities, and cost synergies.”

The acquisition increases Cross Country’s branch count to more than 70 locations from 29. About 11 branches overlap and will be consolidated, likely by the end of 2014 or early 2015.

MSN had audited revenues of $229 million for the year ended Dec. 29, 2013, and unaudited revenues of $98 million for the five-month period ended May 25, 2014. The acquisition is expected to be accretive to EPS in 2015.