Australian imaging services and healthcare provider DCA Group has agreed to purchase fellow Australian imaging services firm MIA Group in a cash and stock swap worth $700 million Australian ($496 million U.S.).
Upon closure of the deal, MIA of Chatswood, in New South Wales, Australia, will be merged with DCA's I-Med imaging services unit. MIA has 170 radiology clinics in the country, while I-Med has 101 clinics. The resulting imaging network will have clinics in all capital cities as well as major regional and rural centers, according to the companies. Sydney-based MIA also provides MRI services in the U.K.
MIA CEO Paul Mirabelle will become CEO of the merged businesses, while DCA managing director David Vaux will continue as executive chairman of I-Med. The transaction is subject to certain closing conditions, including approval from MIA shareholders, the NSW Supreme Court, and the Australian Competition and Consumer Commission.
By AuntMinnie.com staff writersJune 8, 2004
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