Teleradiology provider Diagnostic Imaging International (DIIG) said it has entered into an agreement to purchase a Philadelphia-based MRI center.
Under terms of the deal, DIIG will buy all of the center's outstanding capital stock for $1.9 million.
The center had revenues of slightly less than $2 million in 2011 and was cash-flow positive by almost $600,000, DIIG said. Upon closing, the additional revenue from the acquisition will increase DIIG's annual revenues by almost 60%, according to the firm. DIIG expects to close the transaction by October 15.
DIIG owns and operates teleradiology firm Canadian Teleradiology Services (CTS) and said it plans to buy additional MRI, CT, and possibly PET centers in the future.
