Raytel sells Florida clinic

Raytel has completed the sale of its wholly owned subsidiary, the Heart Institute of Port St. Lucie, to a new company composed of physicians practicing at the clinic. Under the agreement Raytel received $8 million. Raytel acquired the clinic in August 1997 as part of its purchase of Cardiovascular Ventures, which also owned and operated cardiovascular diagnostic facilities in Texas and Louisiana. The divestiture is part of Raytel's strategy of focusing on its core business: providing cardiac monitoring and testing services and operating cardiac diagnostic facilities and diagnostic imaging centers.

© 2001 Miller Freeman Inc.
3/28/01, Issue # 1506, page 6.