MODV - ModivCare buys VRI Intermediate Holdings for $315 million

VRI Intermediate is a provider of remote patient monitoring solutions. As per the terms, ModivCare (NASDAQ:MODV) will acquire 100% of the equity stake in VRI, subject to customary purchase price adjustments. The acquisition adds a critical supportive care platform with unique data analytics to benefit payors and patients. VRI generated $56 million of revenue and $21 million of adjusted EBITDA for the twelve-month ended June 30, 2021. ModivCare intends to finance the acquisition with fully committed debt financing from Deutsche Bank Securities Inc. and Jefferies LLC. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in Q3'21. The Company expects the impact of the acquisition to be immediately accretive to adjusted earnings.

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ModivCare buys VRI Intermediate Holdings for $315 million