Insight buys 21 imaging centers

April 21, 2004

InSight Health has completed the purchase of 21 of 22 diagnostic imaging centers formerly owned by Cardinal Health and contracted for sale to the national provider of diagnostic imaging services. Cardinal Health announced plans to sell the imaging

InSight Health has completed the purchase of 21 of 22 diagnostic imaging centers formerly owned by Cardinal Health and contracted for sale to the national provider of diagnostic imaging services. Cardinal Health announced plans to sell the imaging centers to InSight shortly after acquiring them as part of its Jan. 1, 2003, purchase of Syncor International. Sale of the centers was expected to involve a series of transactions beginning about Jan. 31 and running until early May 2003 (SCAN 1/22/03). The first transaction, involving 13 imaging centers in Southern California, was completed in April 2003 in a deal valued at $47 million. The current deal involving 22 imaging centers in six states carries a $48.3 million price tag, including $35.6 million in cash and $12.7 million in debt assumption and transaction costs (SCAN 2/25/04). The two companies are still negotiating the sale of the 22nd center.