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news.Completion of acquisition expected to close around May 31, 2009
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RadNet, a provider of diagnostic imaging services, has completed the acquisition of the assets of Inter-County Imaging of Yonkers, New York from Medical Resources. It has also signed a definitive asset purchase agreement with Medical Resources to acquire the assets of an additional nine imaging centers in New Jersey.
The completion of the acquisition of the nine additional centers in New Jersey is expected to close around May 31, 2009.
In conjunction with the acquisitions, RadNet plans to contract with Diagnostic Radiology Associates, Pennsylvania, a radiology group, to provide the professional medical interpretation at the New Jersey facilities. The professional radiology services at the Yonkers facility will be provided by Hudson Valley Radiology Associates, RadNet’s existing contracted Radiology Group for its Rockland County, New York cluster of centers.
Howard Berger, president and CEO of RadNet, said: The economics of this transaction are compelling, and further our stated goals of deleveraging our balance sheet and producing free cash flow. By expanding our reach just south of our Rockland County cluster into Northern New Jersey, we create further opportunities for consolidation, market clout and cost savings.
RadNet, a provider of diagnostic imaging services through a network of 165 fully-owned and operated outpatient imaging centers. RadNet’s core markets include California, Maryland, Delaware and New York.