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

Seamless Interoperability – Fact or Fiction? This webinar will show how Nemours Children’s Health System adoption of ScImage’s PICOM365 Enterprise PACS  improved workflow. The product will be highlighted at HIMSS 2019.
Sponsored Content | Webinar | PACS | January 17, 2019
This ScImage-sponsored ITN/DAIC webinar will be held at 2 p.m. Eastern time, Wednesday, Feb. 6, 2019.
NewYork-Presbyterian Hospital Partners With Philips for Health IT and Clinical Informatics
News | Enterprise Imaging | January 16, 2019
Philips announced that NewYork-Presbyterian Hospital has chosen to implement the company’s IntelliSpace Enterprise...
Pacific Northwest VA Network Selects Carestream as Enterprise PACS Supplier
News | PACS | January 08, 2019
Carestream has been awarded a multimillion-dollar healthcare information technology (IT) contract for Veterans Affairs...
Infinitt Showcases New RIS/PACS Features at RSNA 2018
News | PACS | December 19, 2018
Infinitt North America highlighted a range of healthcare information technology (IT) products and applications at the...
Videos | Enterprise Imaging | December 14, 2018
ITN Editor Dave Fornell and ITN Contributing Editor Greg Freiherr share their insights on the new technology and vend
Videos | Artificial Intelligence | December 13, 2018
ITN Editor Dave Fornell and ITN Contributing Editor Greg Freiherr share their insights on the vendors showing...
Fovia Launches F.A.S.T. AI Suite for PACS
Technology | Advanced Visualization | December 05, 2018
Fovia Inc. recently announced the release of a new artificial intelligence (AI) visualization platform, F.A.S.T. AI...
Fujifilm Collaborates With Lunit on AI Pilot Project
News | Artificial Intelligence | December 05, 2018
Fujifilm Medical Systems USA Inc. announced a joint collaboration with Korean-based medical artificial intelligence (AI...