Teleradiology services provider Virtual Radiologic of Minneapolis has inked a definitive agreement to be acquired by private equity firm Providence Equity Partners for approximately $294 million in cash.
The Providence, RI-based firm will acquire all outstanding Virtual Radiologic common stock for $17.25 per share in cash, representing a 41.7% premium over the 30-day average closing stock price of $12.18 as of May 14.
The transaction is expected to be completed in the third quarter of 2010, subject to customary closing conditions as well as regulatory and shareholder approvals. After the acquisition, Virtual Radiologic will become a private company.
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