Cross Country Healthcare Inc. (NASD: CCRN) will acquire Medical Staffing Network for $48.3 million in a deal expected to close by the end of the month.

Cross Country ranks fourth on Staffing Industry Analysts’ list of largest healthcare staffing firms in the U.S., while MSN ranks as the sixth-largest; their combined revenue could bring the two firms to third on the list.

MSN provides per diem, local, contract, travel, and permanent hire staffing services. MSN reported $229 million in revenues for 2013, about half of Cross Country’s $438 million revenue for 2013.

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 also diversifies Cross Country’s customer base, adds new service lines, provides cross-selling opportunities, and will help the company improve MSP fill rates, according to the company.

“Simply stated, we will be better positioned to meet our clients’ desires with a more integrated solution provider with a full suite of services,” Cross Country Healthcare President and CEO William Grubbs said in a conference call with investors.

To finance the acquisition, Cross Country entered into subordinated debt commitments consisting of a $30 million five-year variable rate term loan and $25 million of convertible notes with a six-year maturity.

“The acquisition of MSN’s assets represents a strategically compelling opportunity for Cross Country Healthcare, accelerating our expansion plans by several years, increasing our market share and bringing us new products and opportunities to cross-sell to all of our customers,” Grubbs said in a press release. “From a financial perspective, we expect this transaction to create significant value for our shareholders and meaningful earnings accretion in 2015 through increased scale, accelerated growth opportunities, and cost synergies.”

Cross Country in December purchased On Assignment Inc.’s (NYSE: ASGN) allied healthcare staffing business for $28.7 million.

“I am confident that the combination of our two companies is a strong, strategic fit that will better position us to deliver expanded service offerings to our clients and healthcare professionals,” said Medical Staffing Network President and CEO Brian Poplin. “Both companies have complementary cultures and values that will provide growth opportunities for our team members. We look forward to the combined company serving as a leader in the healthcare staffing industry.”