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

(Reuters) -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)