Acadia to sell UK unit for $1.47 bln to Waterland Private Equity

Acadia Healthcare Company Inc said on Wednesday it would sell its UK unit, The Priory Group, to Waterland Private Equity for about 1.08 billion pounds ($1.47 billion), more than four years after acquiring the business. The company said it expects proceeds of about $1.35 billion from the sale, with the amount set to be used for paying down debt.

Acadia Healthcare Company Inc said on Wednesday it would sell its UK unit, The Priory Group, to Waterland Private Equity for about 1.08 billion pounds ($1.47 billion), more than four years after acquiring the business.

The company said it expects proceeds of about $1.35 billion from the sale, with the amount set to be used for paying down debt. Shares of the behavioral healthcare services provider rose about 7% to $51.9 before the bell.

Acadia, which has a U.S. Food and Drug Administration approved therapy to treat hallucinations and delusions associated with Parkinson's disease, said it expects the deal to close in January. ($1 = 0.7357 pounds)