Anscor sells US medical staffing business

Holding firm A. Soriano Corp. has raised $36.85 million from the sale of its US healthcare staffing business under Cirrus Holdings.

In a disclosure to the Philippine Stock Exchange on Friday, Anscor said its wholly-owned British Virgin Island company IQ Healthcare Investments Ltd. had entered into a merger agreement with Webster Capital Management LLC, a US-based company.

This deal effectively sold Anscor’s entire stake in Cirrus Medical Staffing Inc. (CMSI) equivalent to 93.55 percent of the latter’s total outstanding shares for $36.85 million.

CMSI owns 100 percent of Cirrus Holdings USA, LLC, a North Carolina limited liability company engaged in the contracting and temporary staffing and permanent placement of nurses and allied healthcare professionals in the United States. It also owns Cirrus Global Services Inc. (CGI), a Philippine domiciled company that provides finance and administrative support services.

Anscor, which acquired CMSI in 2008, entered into this deal to unlock values from this investment.