* To pay $17.2 mln and warrant to buy 200,000 shares
* To buy 5 imaging centers, 50 pct stake in sixth center
* Expects deal to add $14 mln to rev annually
Sept 8 RadNet Inc (RDNT.O) said it agreed to
acquire five imaging centers in northern New Jersey from
privately held Progressive Health and a 50 percent stake in a
sixth center for $17.2 million plus warrants to buy RadNet
The outpatient diagnostic-imaging services provider, which
operates regional networks comprising 180 diagnostic imaging
facilities, said it will issue Progressive Health a warrant to
purchase 200,000 common shares.
The company expects the centers, located in Englewood
Cliffs, Union City, Hackensack, Bloomfield, Englewood and
Rutherford, to add about $14 million to its annual revenue.
The Los Angeles-based company had said in April that it
expected 2010 revenue of $540-$560 million. [ID:nWNAB3721]
RadNet, which provides imaging services in seven U.S.
states, expects the deal to close in October, subject to
transfer of certain New Jersey operating licenses.
The operational management of the six centers, which offer
magnetic resonance imaging, computed tomography scans,
ultrasound, mammography and x-ray, will be consolidated with
the 11 New Jersey facilities that the company has acquired
RadNet's shares, which have more than halved in value since
touching a 2-year high in April, closed at $1.83 Tuesday on
(Reporting by Shravya Jain in Bangalore; Editing by