Acadia Healthcare to sell UK operations for about $1.47 billion

/ / News

Acadia Healthcare Inc. said Wednesday it has reached an agreement to sell its U.K. operations to Waterland Private Equity for about 1.078 billion pounds ($1.47 billion). The company expects net proceeds of about $1.350 billion net of transaction costs and the settlement of currency hedging liabilities. Franklin, Tennessee-based Acadia will use the proceeds to pay down debt and for other general corporate purposes. “We believe we are well positioned to meet the strong demand for mental health and substance use treatment across the U.S.,” the company said in a statement. “We will continue to focus on delivering the highest level of patient care and advancing our position as a leading behavioral healthcare facilities operator in the U.S.” The deal is expected to close in January. Acadia shares rose 3.4% premarket.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.