Apria near deal to sell 26 pct stake - WSJ
NEW YORK, Feb 4 (Reuters) - Apria Healthcare Group Inc (AHG - news) is close to signing a deal that would give a group
led by Joseph Littlejohn & Levy a 26 percent stake, the Wall Street Journal said Wednesday in its electronic edition.
Citing people involved in the deal, the newspaper said the agreement includes a $242 million, $14-a-share tender offer for 17.3
million of Apria's shares outstanding.
JLL and its partner, an affiliate of Canadian Imperial Bank of Commerce (NYSE:BCM - news; CM.TO - news), will also buy
12.3 million Apria shares and warrants exercisable into an additional five million shares at $20 each, the newspaper said.
The JLL-led investor group will make an equity investment of $172 million in Apria, and borrow about $70 million to fund the
$14-a-share tender offer, the newspaper said.
The CIBC affiliate, CIBC WG Argosy Merchant Fund 2 LLC, is a private investment fund in New York. JLL is a private New
York-based company, the newspaper said.
The agreement is set to be announced Wednesday, the Journal said.
In addition, the newspaper, citing people close to the situation, said a new Apria CEO would likely be tapped with track-record
in health care turnarounds. |
