Akumin Inc. Enters Into Agreements to Acquire Non-Controlling Interests for $21.3 million
News Provided by Akumin Inc. / Mar 26, 2018. 8:30am ET
/NOT FOR DISTRIBUTION IN THE UNITED STATES/
TORONTO, March 26, 2018 /CNW/ – Akumin Inc. (TSX:AKU.U) (the “Company” or “Akumin“) announced today that its wholly owned subsidiary, Preferred Medical Imaging, LLC, has entered into agreements to acquire all of the outstanding non-controlling interests in seven of its existing Texas-based diagnostic imaging centers (the “Acquisitions“). The Acquisitions relate to certain operations carried on in Austin, Fort Worth, Frisco, Grapevine/Colleyville, Irving, Plano and Round Rock. The aggregate consideration for the Acquisitions is approximately US$21.3 million (the “Purchase Price“). The Purchase Price will be comprised of (i) an aggregate cash payment of approximately US$17.9 million and (ii) the balance of the Purchase Price of approximately US$3.4 million being satisfied through the issuance of common shares of the Company. The Acquisitions are subject to customary closing conditions, including regulatory and lender approvals and completion of financing.
Riadh Zine, President and Chief Executive Officer of the Company, said “The acquisition of the non-controlling interests in these centers gives us a tremendous opportunity to maximize the value of assets we know well and in which we already have a substantial interest. We expect having these centers as wholly-owned subsidiaries will further simplify our corporate structure and be accretive to our EBITDA.”
The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws. Accordingly, the common shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Akumin in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Akumin Inc. is a leading provider of outpatient diagnostic imaging services in the United States with 74 centers located in Florida, Pennsylvania, Delaware, Texas, Illinois and Kansas. Akumin’s centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders, and therefore reducing unnecessary invasive procedures, minimizing the cost and improving outcomes for patients. Our imaging procedures include MRI, CT, positron emission tomography (PET), ultrasound, X-ray, mammography and other diagnostic or interventional radiology procedures.
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Akumin as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the final prospectus available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Akumin; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Akumin expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Akumin Inc.
For further information: Media Contact, Riadh Zine, President & CEO, (416) 613-1391