Dublin, Ohio-based Cardinal Health said it plans to fund the deal with $1.3 billion in new debt from BofA Merrill Lynch and cash. The deal is expected to close by early April, according to a press release.
"AssuraMed is a natural extension of the Cardinal Health businesses and of our mission to be essential to care. The acquisition of this industry leader allows us to serve the growing number of Americans treated in home settings – particularly those patients recovering from acute episodes and those suffering with chronic diseases," Cardinal Health CEO George Barrett said in prepared remarks. "This is a platform opportunity for Cardinal Health products and services which will be increasingly important as the delivery of care migrates to more cost-effective settings."
The acquisition should accrete 2¢-3¢ to Cardinal Health’s adjusted earnings per share for fiscal 2013 and "at least" 18¢ in fiscal 2014, according to the release. It’s a significant step into the home healthcare market for the company, which will gain AssuraMed’s 1-million-patient customer base, some 30,000 products and 12 distribution centers, Cardinal Health said.