Acadia Healthcare announced a deal to sell 21 existing behavioral health facilities and one de novo behavioral health facility in the United Kingdom to investment firm BC Partners. According to Seeking Alpha, the company will receive approximately $390 million (U.S.) in cash, which reflects a loss of $175 million.
The deal includes 1,000 total beds tied to annual revenue of $162 million and adjusted EBITDA of $37 million.
Joey Jacobs, chairman and CEO of Acadia, said in a statement that the sale will address a U.K. authority’s concerns about the market impact of Acadia’s Q1 acquisition of Priory Group. The move was not unexpected. In the company’s Q2 earnings call, Jacobs discussed the plan to divest some of its properties as a result of the authority’s investigation.
Acadia expects to issue its Q3 earnings after the market closes on November 1.
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