Acadia Healthcare (Nasdaq: ACHC) is preparing to relaunch the sale of its United Kingdom business, the company announced Tuesday.
Franklin, Tennessee-based Acadia is a behavioral health provider that operates nearly 600 facilities across the US, the UK and Puerto Rico.
The company first announced it would sell its UK business, which includes about 360 facilities, back in 2019. By February of this year, it had received “initial non-binding offers” from “multiple bidders,” CEO Debbie Osteen said on the company’s year-end 2019 earnings call.
But when the coronavirus hit, things changed.
Acadia temporarily suspended the sale of its UK business in March, with Osteen saying the company would resume the process when market conditions improved. That point in time seems to be just around the corner, considering Acadia’s latest update.
“We have notified potential buyers that we will shortly relaunch the formal process regarding the sale of our UK business,” Osteen said in a press release distributed Tuesday. “Our objective continues to be maximizing value for our stockholders. As we continue to work with our financial and legal advisors, we will update the market on the sales process when and as we determine it is appropriate.”
Osteen stopped short of providing exact timing for the relaunch. In the past, Acadia executives have hinted proceeds from the sale will be used to help the company grow the U.S. arm of its business.