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Odyssey Healthcare to buy VistaCare for $147.1 mln

Tue Jan 15, 2008 5:50pm EST

(Reuters) - Odyssey HealthCare Inc ODSY.O said it agreed to acquire VistaCare Inc VSTA.O for about $147.1 million, to expand its reach and grow in its core hospice business.

The offer price of $8.60 per share represents a 22.7 percent premium to hospice services provider Vistacare's closing price of $7.01 Tuesday on the Nasdaq.

Following the deal, Odyssey will own or operate 110 locations in 31 states and expects to exceed $617 million in net revenue.

The deal, which is expected to close in the first quarter, will add to 2009 earnings and be neutral to 2008 earnings, the company said in a statement.

Odyssey intends to fund the deal with $30 million of its own cash and a funded commitment of $150 million from GE Capital.

Scottsdale, Arizona-based VistaCare reported annual revenue of about $241 million for the fiscal year ended September 30, 2007.

Shares of Odyssey were up about 7 cents in after-hours trade, after closing at $8.44 Tuesday on the Nasdaq.

(Reporting by Jennifer Robin Raj in Bangalore; Editing by Deepak Kannan)
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