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Providence Service closes sale of WD Services segment


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Providence Service closes sale of WD Services segment

Providence Service Corp. said it completed the sale of its WD Services segment to Australia's Advanced Personnel Management Global Pty Ltd. for $46.5 million.

The company added that the sale excluded the segment's employment services operations in Saudi Arabia, which will be acquired by the Saudi Arabian government.

The Saudi Arabian government is expected to assume the operations of the assets starting from Jan. 1, 2019, the Stamford, Conn.-based company said. The company expects to incur closure costs and reserves, which will be recorded within discontinued operations.

Providence, which provides healthcare and workforce development services, said the $46.5 million figure included payment for $19.5 million cash retained by WD Services.

The company expects to record cash tax benefits of about $51 million and an after-tax loss of about $10 million within discontinued operations relating to the transaction.

Houlihan Lokey Inc. acted as financial adviser to Providence Service and Debevoise & Plimpton LLP served as its legal adviser.