InSight Health Services has signed a definitive agreement to acquire eight imaging centers in the Phoenix, Arizona, El Paso, Texas, and Las Cruces, New Mexico areas from subsidiaries of MedQuest and Novant Health, for a total purchase price of approximately $8.5m
In a separate transaction, Insight Imaging has agreed to sell mobile imaging assets in North Carolina for approximately $9.2m to an affiliate of MedQuest and Novant. The mobile imaging assets generated approximately $3.3m in net revenues in 2009.
Kip Hallman, president and CEO of Insight Imaging, said: “We are excited to be able to add these strategically well-placed imaging centers to our existing markets. We believe that their addition will improve our strategic positioning and value to our referring physicians, patients and payers.”
Insight Imaging expects the transactions, which are expected to close in July 2010, to be accretive to adjusted EBITDA after reflecting anticipated operating synergies.
Headquartered in Lake Forest, California, Insight Imaging is a provider of retail and wholesale diagnostic imaging services. It serves a diverse portfolio of customers, including healthcare providers, such as hospitals and physicians, and payors, such as managed care organizations, Medicare, Medicaid and insurance companies, in over 30 states.