(Bloomberg) -- Owens & Minor Inc., the logistics company focused on health, agreed to buy Apria Inc. for about $1.45 billion in cash to grow in the home-care market.
The buyer will pay $37.50 per common share, 26% above Apria's Friday close, it said in a statement Monday. Both companies' boards cleared the transaction. Including debt, the deal is valued at $1.6 billion.
Apria shares rose 25% in pre-market trading in the U.S., while Owens & Minor fell about 9%.
The purchase helps Owens & Minor expand in the growing market for health care at home, the company said. The deal will boost earnings per share and enhance free cash flow generation, and is expected to close in the first half.
Evercore Inc. and JPMorgan Chase & Co. acted as Owens & Minor's financial advisors while Goldman Sachs Group Inc. and Citigroup Inc. advised Apria.
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