Imaging services provider InSight Health Services has agreed to be acquired by investment firm J.W. Childs Associates and equity partnership the Halifax Group. Under the terms of the deal, InSight's common stockholders will receive $18 per share in cash. The Newport Beach, CA-based firm's stock closed on Friday at $17.70 on the Nasdaq stock market.
InSight expects the deal to close in late September or early October, subject to customary closing conditions, including the obtaining of financing and necessary stockholder and regulatory approvals. InSight is 67% owned by the Carlyle Group and its affiliates, General Electric and GE Fund. All have agreed to vote in favor of the merger, according to InSight.
Following the transaction, InSight senior management will continue on in their current positions, according to the company. Nearly all of InSight's outstanding debt will be retired as a result of the transaction.
By AuntMinnie.com staff writersJuly 2, 2001
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