Acadia Healthcare Reports that the CMA Accepts Acadia’s Undertakings and Approves Acadia’s Acquisition of the Priory Group
November 10 2016 - 10:27AM
Business Wire
Transaction Expected to Close November 30,
2016
Acadia Healthcare Company, Inc. (“Acadia” or the “Company”)
(NASDAQ: ACHC) today announced that the Competition and Markets
Authority (“CMA”) in the United Kingdom has accepted Acadia’s
previously announced undertakings to sell to BC Partners 21
existing behavioral health facilities and one de novo behavioral
health facility not yet opened, which are located in the U.K. The
sale will fulfill the undertakings Acadia gave the CMA to address
the CMA’s concerns about the impact of Acadia’s acquisition of
Priory on competition for the provision of behavioral healthcare
services in certain markets in the U.K. As a result of the CMA’s
acceptance of Acadia’s undertakings, Acadia’s acquisition of Priory
will not be referred for an in-depth phase 2 investigation.
Acadia expects to complete the sale on November 30, 2016, for
£320 million (approximately $390 million) cash. The facilities to
be sold have approximately 1,000 total beds and produce aggregate
approximate annual revenue of $162 million and adjusted EBITDA of
$37 million, after overhead allocation and assuming an exchange
rate of $1.22 per British Pound Sterling.
About Acadia
Acadia is a provider of inpatient behavioral healthcare
services. Acadia operates a network of 589 behavioral healthcare
facilities with approximately 17,900 beds in 39 states, the United
Kingdom and Puerto Rico. Acadia provides behavioral health and
addiction services to its patients in a variety of settings,
including inpatient psychiatric hospitals, residential treatment
centers, outpatient clinics and therapeutic school-based
programs.
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Acadia Healthcare Company, Inc.Brent Turner,
615-861-6000President
Acadia Healthcare (NASDAQ:ACHC)
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