Acadia Healthcare (ACHC) Receives CMA Approval for Proposed Priory Group Acquisition
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Acadia Healthcare Company, Inc. (Nasdaq: ACHC) 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.
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