Byram Healthcare Centers, Inc. completed the acquisition of Apria, Inc. from Blackstone Inc. (NYSE:BX), John G. Figueroa and Daniel J. Starck and others.
The transaction is subject to expiration or early termination of the waiting period applicable to the consummation of the Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, regulatory approvals, among others. The Board of Apria unanimously approved the transaction and recommends the shareholder to vote in favor of the transaction. OMI's Board has also unanimously approved the transaction. John G. Figueroa and Daniel J. Starck collectively holding 42.9% stake in Apria have entered into voting support agreement. As of February 23, 2022, the waiting period expired under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The deal is expected to close during the first half of 2022. The transaction is expected to be year-one accretive across key financial metrics and free cash flow enhancement. The transaction is also expected to be accretive to revenue and EBITDA, and enhances FCF generation.
Evercore Inc. (NYSE:EVR) and J.P. Morgan Securities LLC acted as financial advisors to OMI. Citigroup Global Markets Inc. acted as financial advisor while Goldman Sachs & Co. LLC acted as financial advisor and provided fairness opinion to Apria. Eric L. Schiele, Maggie D. Flores, Tim Cruickshank, Jennifer Lee, Thomas Dobleman, Andrea Murino, Stephen Jacobson, Chad Ehrenkranz and Lindsay Borgeson of Kirkland & Ellis LLP acted as legal advisors to OMI. Austin Uhm, Beini Chen, Kevin Perron, Anthony F. Vernace, Jeannine McSweeney, Peter Guryan, Max Fischer-Zernin, Daniel Kay, Edgar Lewandowski, Jonathan Goldstein, Ruoxi Zhang, Lori Lesser, Vanessa Burrows, Krista McManus, Dennis Loiacono, Charles Mathes and Michael Chao of Simpson Thacher & Bartlett LLP acted as legal advisors to Apria. Stephen M. Kotran of Sullivan & Cromwell LLP counsel to Evercore Inc.
Byram Healthcare Centers, Inc. completed the acquisition of Apria, Inc. (NasdaqGS:APR) from Blackstone Inc. (NYSE:BX), John G. Figueroa and Daniel J. Starck and others on March 29, 2022. Upon close of the transaction, Apria's directors ceased serving as directors of Apria, and Michael-Bryant Hicks ceased serving as Executive Vice President, General Counsel and Secretary of Apria. Andrew G. Long, Nicholas J. Pace and Daniel J. Starck were elected as the directors of Apria as the surviving entity in the merger.