Integral Diagnostics buys The X-Ray Group in a $37.5mn deal
MELBOURNE, AUSTRALIA: Integral Diagnostics Limited announced the acquisition of The X-Ray Group which is located in Albury/Wodonga on the Victorian/New South Wales Border.
An upfront purchase consideration of $37.5m on a cash and debt free basis, comprises $25.95m in cash and $11.55m in new ordinary IDX shares to be issued at completion of the acquisition.
The acquisition is expected to be completed in November 2021, subject to satisfaction of customary conditions and will be funded by existing debt facilities.
The X-Ray Group is a regional leader in providing complex modalities including MRI, CT and nuclear medicine, which are services positioned to experience growth. The clinics are fitted with a modern modality fleet.
Dr Ian Kadish, MD and CEO of Integral Diagnostics said “We are pleased to partner with Dr James Mullins and the X-Ray Group to enhance IDX’s presence in regional Victoria and our entry into Southern NSW. The X-Ray Group is a leading regional radiology business that strongly complements our existing businesses. The Group’s radiologists, specialists and staff represent a strong strategic and cultural fit with IDX’s doctor led operating model. The five clinics have a demonstrated track record of achieving strong margins and earnings growth and will add value to the IDX group. We extend a warm welcome to The X-Ray Group doctors and staff and look forward to partnering with them to further grow our combined business.”
Dr James Mullins, The X-Ray Group Director, said, “The X-Ray Group shareholders are delighted to be joining the Integral Diagnostics group with its DNA firmly rooted in Regional Australia. This sale builds on the 14-year success of the business and will enable support in realising long term future growth within the region. The Integral Diagnostics business has extensive expertise and clinical services to support the growth of The X-Ray Group.”
ntegral Diagnostics (IDX) is a leading provider of medical imaging services across Australia and New Zealand.
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