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Acadia Healthcare Company, Inc. (NASDAQ:ACHC) ( Acadia or the Company ) today announced that it has entered into a definitive agreement to sell its U.K. operations to Waterland Private Equity ( Waterland ) for a purchase price of approximately £1,078 million. The Company expects the sale to result in proceeds of approximately $1,350 million, net of transaction costs and the settlement of existing foreign currency hedging liabilities and based on the current GBP/USD exchange rate. The proposed transaction is expected to close in January 2021. The transaction includes the sale of the entirety of Acadia s U.K. business operations, which are operated under the name of The Priory Group (the Priory Business ).
Acadia to sell UK unit for $1 47 billion to Waterland Private Equity reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Acadia Healthcare Inc. ACHC,
+0.54% said Wednesday it has reached an agreement to sell its U.K. operations to Waterland Private Equity for about 1.078 billion pounds ($1.47 billion). The company expects net proceeds of about $1.350 billion net of transaction costs and the settlement of currency hedging liabilities. Franklin, Tennessee-based Acadia will use the proceeds to pay down debt and for other general corporate purposes. We believe we are well positioned to meet the strong demand for mental health and substance use treatment across the U.S., the company said in a statement. We will continue to focus on delivering the highest level of patient care and advancing our position as a leading behavioral healthcare facilities operator in the U.S. The deal is expected to close in January. Acadia shares rose 3.4% premarket.
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Updated / Tuesday, 15 Dec 2020
14:30
Laura Dillon, Head of the Irish Team and Principal at Waterland Private Equity
Waterland Private Equity Investments, the €8 billion portfolio Dutch private equity house, has today launched a new €2.5 billion fund for Europe.
Waterland opened a Dublin office last year as it continues to deepen its investment in Ireland.
The group is mainly focused on investing in small and medium-sized companies operating in four broad areas - outsourcing and digitisation, leisure and luxury, ageing population, and sustainability.
It typically takes controlling stakes in profitable businesses with earnings of between €5m and €20m before interest and tax.
According to Waterland, the Irish market is positioned with a huge number of opportunities, particularly entrepreneurial businesses that are often family-run and ready for the next step in their growth.