Blackstone Group (BX) Completes Acquisition of Apria Healthcare (AHG)

October 28, 2008 1:48 PM EDT
Apria Healthcare Group Inc. (NYSE: AHG) announced that The Blackstone Group (NYSE: BX) has completed its acquisition of Apria for a total purchase price of approximately $1.7 billion, inclusive of retired debt and associated transaction costs.

Under the terms of the agreement, Apria stockholders will receive $21.00 in cash for each share of Apria common stock that they own, without interest and less applicable withholding taxes.

Lawrence M. Higby has elected to retire from his position as Chief Executive Officer. He will continue to work as Vice Chairman and advisor to ensure a smooth transition. The search for a successor CEO is underway. In the interim Dr. Norman C. Payson, an Apria board member for the past two years and a former managed care executive, will serve as Executive Chairman and interim Chief Executive Officer.

Goldman, Sachs & Co. acted as financial advisor to Apria's Board of Directors, and Gibson, Dunn & Crutcher LLP acted as legal advisor to Apria.

The Blackstone Group L.P. is a global alternative asset manager and provider of financial advisory services. [SM]

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