Virtual Radiologic Corp. is becoming the undisputed king of teleradiology.
The deal would give the combined company $278 million in annual revenues and access to 325 radiologists serving 2,700 healthcare facilities in all 50 states.
Providence Equity Partners completed its takeover of Virtual Radiologic Corp. (NSDQ:VRAD).
The transaction was valued at approximately $294 million. The deal, approved by a VRAD stockholder vote, will see a Providence Equity affiliate acquire the Eden Praire, Minn.-based radiology outsourcing firm.
By Thomas Lee
Given Wall Street’s turmoil of late, it’s not too surprising that buyers would search for bargains, especially struggling medical device companies with promising technology and awful balance sheets. Case in point: Medtronic Inc.’s (NYSE:MDT) $370 million purchase of ATS Medical Inc..
Virtual Radiologic Corp. (NSDQ:VRAD) is heading private in a $294 million acquisition, three years after its $68 million IPO.
Rhode Island-based private equity firm Providence Equity Partners agreed to buy out the radiology outsourcing firm, according to a press release (PDF).