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LISTED
A. Soriano Corp. (Anscor), a holding company with
diverse investments, will acquire for $13.95 million, or
about P572 million, a US-based firm engaged in the
contract and temporary staffing and permanent placement
of nurses and related health-care professionals in the
United States.
In a
disclosure to the stock exchange Wednesday, Anscor said
acquisition of Cirrus Holdings USA LLC and affiliate
Cirrus Medical Staffing LLC, will be done through unit
Medtivia Inc., a placement arm headquartered in Houston,
Texas, that trains, recruits and places Flipino nurses
into jobs in the US.
“The
total purchase price for the acquisition is subject to
confirmation of the final working capital component of
the purchase price within 45 days from the signing of
the purchase agreement,” Anscor said.
The
company said the acquisition will be funded by
internally generated cash.
Anscor
pursued the purchase because it believes in the business
potential of Cirrus and it is intended to complement the
International Quality Manpower Services Inc., its
existing Philippine-based nurse recruitment and
placement-agency business.
Cirrus,
a six-year-old company, is a leading provider of travel
nurse and allied health-care staffing services. It
recruits nurses and allied health-care professionals and
places them on assignments of variable lengths and in
permanent positions at acute-care hospitals and other
health-care facilities all over the
US.
Around
90 percent of its business is in the travel/nursing
segment, with the remaining 9 percent in allied
health-care services. It now employs 38 full and
part-time employees and over 200 health-care
professionals on assignment at nearly 150 health-care
facilities.
Anscor
will continue to capitalize on the rising requirement
for nurses in the US. Citing a report, it said an
estimated 8 percent to 10 percent of total nursing
positions in US hospitals are currently vacant, and the
US Bureau of Labor Statistics estimates that the country
will need 1.2 million more nurses by 2014. |
