RTTNews | Dec 1, 2020 06:18AM EST

06:18 Tuesday, December 1, 2020 (RTTNews.com) - AdaptHealth Corp. (AHCO) has entered into a definitive agreement to acquire AeroCare Holdings, Inc. The deal values AeroCare at approximately $2.0 billion on a debt-free, cash-free basis, with cash consideration of $1.1 billion, and 31 million shares of AdaptHealth common stock. Florida based AeroCare is a national technology-enabled respiratory and home medical equipment distribution platform.

The combined company will operate under the name AdaptHealth. Luke McGee, CEO of AdaptHealth, and Steve Griggs, CEO of AeroCare, will jointly lead the company as Co-CEOs. Josh Parnes will continue to serve as President.

AdaptHealth reaffirmed its previously announced full year 2020 guidance. In connection with the acquisitions of AeroCare and New England Home Medical Equipment, the company increased financial guidance for fiscal 2021 for net revenue to a range of $2.05 billion to $2.20 billion from a range of $1.30 billion to $1.40 billion, adjusted EBITDA to a range of $480 million to $515 million from a range of $260 million to $280 million.

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