kforce (KFRC) to Sell Healthcare Unit in $119M Deal
Get Alerts KFRC Hot Sheet
Revenue Growth %: -12.6%
Financial Fact:
Earnings per share - basic: 0.35
Today's EPS Names:
SFST, VLTO, CLIR, More
Join SI Premium – FREE
kforce, Inc. (Nasdaq: KFRC) entered into a Stock Purchase Agreement (the "Agreement") with RCM Acquisition, Inc., an affiliate of Beecken Petty O'Keefe & Company, dated August 4, 2014, to sell all of the issued and outstanding shares of capital stock of Kforce Healthcare, Inc. for an aggregate purchase price of $119.0 million in cash. Kforce Healthcare, Inc. is the operating subsidiary for Kforce's Health Information Management segment. Kforce expects the transaction to close by the end of today. Kforce Healthcare, Inc. will be rebranded himagine solutions, inc.
David L. Dunkel, Kforce Chairman and CEO commented, "Health Information Management has been a successful part of our business for some time, and we are proud of all they have accomplished on their way to becoming one of the leaders in the space. As we assessed our investment strategy to simplify our business model and narrow our focus on our core businesses, we have decided to deepen our focus on our core Technology and Finance & Accounting businesses, both in the commercial space and through Kforce Government Solutions, our unique government vertical. We are excited for our Health Information Management associates and believe that the healthcare focus of Beecken Petty O'Keefe & Company will offer significant opportunities for professional growth.
"We remain committed to creating shareholder value and expect use of proceeds from this transaction to be consistent with our past strategies, including significant share repurchases, pay down of debt and potential acquisitions aligned with our core business lines."
Robert W. Baird and Company is acting as advisor to Kforce Inc. on this transaction.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fisker (FSR) files form 10-K, sees more job cuts, reiterates going concern doubts
- GE Aerospace (GE) beats on top and bottom lines in Q1, hikes profit outlook
- Informatica (INFA) Updates First Quarter 2024 Financial Outlook, Company Not Engaged in Acquisition Discussions
Create E-mail Alert Related Categories
Guidance, Hot Corp. News, Management Comments, SpinoffsRelated Entities
Robert W Baird, Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!