News | May 20, 2010

Virtual Radiologic Sells for $294 Million

May 20, 2010 - Virtual Radiologic Corp. (vRad) announced on May 17 the private equity firm, Providence Equity Partners, will acquire all of the outstanding common stock of vRad for $17.25 per share in cash. The transaction is valued at approximately $294 million.

The offer price represents a premium of 41.7 percent over the 30-day average closing stock price of $12.18 as of May 14, 2010, and a premium of 54.9 percent over the three month average closing stock price of $11.13.

vRad provides teleradiology solutions, including a picture archive and communications system (PACS). The company's board of directors unanimously approved the agreement and recommends that shareholders vote in favor of the transaction. vRad's co-founder and chief medical officer, Eduard Michel, M.D., who owns 6.0 percent of the company's outstanding common shares, and Generation Partners, which owns 25.3 percent of the shares, agreed to vote in favor of the transaction.

The deal is expected to be completed in the third quarter of 2010, subject to customary closing conditions, and regulatory and shareholder approvals. Upon completion, vRad will become a private company, wholly owned by Providence.

Goldman, Sachs & Co. is serving as financial advisor and Oppenheimer Wolff & Donnelly LLP is serving as legal counsel to Virtual Radiologic. Weil, Gotshal & Manges LLP is serving as legal counsel to Providence Equity Partners.

For more information: www.virtualrad.com

Related Content

Sponsored Content | Case Study | Information Technology | September 07, 2018
One of the Northeast’s major teaching hospitals is an international leader in virtually every area of medicine. It has...
Mount Sinai Serves as Official Medical Services Provider for 2018 U.S. Open
News | Orthopedic Imaging | September 06, 2018
For the sixth consecutive year, Mount Sinai will serve as the official medical services provider for the 2018 U.S. Open...
Novarad No. 1 in Customer Satisfaction on Gartner Peer Insights VNA Category
News | Vendor Neutral Archive (VNA) | September 04, 2018
Novarad Healthcare Enterprise Imaging has taken the highest rated spot on Gartner’s Peer Insights technology review...
LifeImage LITE Application Expands Image Sharing Network to 1,500 Connected Hospitals
News | Enterprise Imaging | September 04, 2018
September 4, 2018 — LifeImage announced that its recently launched application, LITE, has helped to dramatically incr
Greenville Health System Adopts Agfa HealthCare Enterprise Imaging System
News | Enterprise Imaging | August 31, 2018
Agfa HealthCare and Greenville Health System (GHS), South Carolina, announced the successful implementation of a...
Australian Pediatric Healthcare Network Adopts ResolutionMD Viewer
News | Remote Viewing Systems | August 31, 2018
August 30, 2018 — New South Wales, Australia’s Newborn and...
Visage Signs Mercy for Visage 7 Open Archive
News | Enterprise Imaging | August 09, 2018
Visage Imaging Inc. announced that it has signed a seven-year contract with Mercy, the fifth largest Catholic health...
Konica Minolta Hosting Lunch and Learn at 23rd Annual Mammography Meeting in Santa Fe
News | Breast Imaging | July 31, 2018
Konica Minolta Healthcare Americas Inc. will sponsor a lunch and learn featuring its Exa Mammo platform during the 23rd...
Fujifilm to Host Pediatric Imaging Best Practices Symposium at AHRA 2018
News | Pediatric Imaging | July 18, 2018
Fujifilm Medical Systems U.S.A. Inc. announced that it will offer educational opportunities and exhibit its latest...