Apria Healthcare acquired by Blackstone Group for $1.7 billion

By Lisa Kerner

Charlotte, N.C., Oct. 28 - Blackstone Group acquired Apria Healthcare Group Inc. for $21 per share, or approximately $1.7 billion inclusive of retired debt and associated transaction costs.

As a result, Apria's common stock was scheduled to stop trading at the close of business on Tuesday.

Apria, a Lake Forest, Calif., home health-care services company, also announced that Lawrence M. Higby retired as Apria's chief executive officer. He will continue to work as vice chairman and adviser to ensure a smooth transition, an Apria news release said.

Dr. Norman C. Payson, an Apria board member, will be executive chairman and interim CEO until a new CEO is named.

"Our alliance with Blackstone will enable Apria to continue to expand and enhance the homecare services we provide to millions of patients and thousands of customers each year," Higby said in the release. "With the consummation of the merger, we look forward to continued growth and success."

Apria's board was advised by Goldman, Sachs & Co. Banc of America Securities LLC, Wachovia Capital Markets, LLC and Barclays Capital advised Blackstone.

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