AdaptHealth this week said it has closed its acquisition of AeroCare Holdings for approximately $1.1 billion in cash and 31 million shares of AdaptHealth common stock.
Through the deal, the combined company will operate under the name AdaptHealth, and AdaptHealth CEO Luke McGee and AeroCare CEO Steve Griggs will serve as co-CEOs for the new company. Josh Parnes will continue to serve as president and AdaptHealth will expand its board of directors to 11 directors.
AeroCare develops technology-enabled respiratory and home medical equipment distribution platforms in the U.S. It makes direct-to-patient equipment and services like CPAP and BiPAP machines, oxygen concentrators, home ventilators and other durable medical equipment products.
The acquisition will enhance AdaptHealth’s scare and geographic reach with the combined company serving nearly 3 million patients from over 500 locations in 46 states.