Almost Family Inc., a provider of home health nursing services, said Thursday it agreed to buy the shares of Patient Care Inc., which operates home health agency locations, for $45.2 million.
Almost Family said it will also assume about $1.3 million in capital lease obligations.
The transaction will be funded with Almost Family's existing cash and borrowings under its senior secured revolving credit facility.
The deal, which the company said is its largest to date, expands Almost Family's presence in the Northeast with three locations in New Jersey, one in Pennsylvania and four in Connecticut.
With the acquisition, Almost Family said its total Northeast operations will generate more than $60 million in annual revenue.
The company said the acquisition is not expected to contribute significantly to profit in 2008 but will add to earnings per share in 2009.
The deal is expected to be completed during the third quarter.
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