An Indianapolis-based home healthcare equipment provider will soon be under new ownership less than a year after going public. Virginia-based Owens & Minor Inc. (NYSE: OMI) has entered into a definitive agreement to acquire Apria Inc. (Nasdaq: APR) in a deal valued at $1.6 billion. Owens & Minor says the acquisition will position the company as a leader in the home healthcare market.

Owens & Minor says adding Apria, which specializes in respiratory, obstructive sleep apnea, and negative pressure wound therapy, creates a synergy with its Byram Healthcare subsidiary, which focuses on diabetes, ostomy, incontinence, and wound care.

“The combination of two complementary businesses in Byram Healthcare and Apria will enable us to better serve the entire patient journey – through the hospital and into the home.” Edward Pesicka, chief executive officer of Owens & Minor, said in a news release. “In addition, this transaction diversifies our total company revenue stream by expanding our presence in the higher-growth home healthcare market.”

Apria launched its Initial Public Offering on the Nasdaq Global Select Market last February.

The acquisition remains subject to approval by Apria’s shareholders, as well as regulatory approvals. Owens & Minor expects the deal to close in the first half of 2022.