The parent company of the largest imaging center operator in Australia, I-Med Network, has accepted a takeover bid from an investment firm in a deal worth over $2 billion (U.S.).
The DCA Group of Sydney said it has signed a deal to be acquired by a set of investment funds advised by CVC Asia Pacific and CVC Capital Partners. CVC has offered (AUD) $3.50 per share ($2.63 U.S.) for the company, with the total value of the deal pegged at (AUD) $2.7 billion ($2.03 billion U.S.).
DCA announced on September 8 that it was evaluating acquisition proposals from external parties. The board yesterday said that CVC's bid offered the best outcome for DCA shareholders. The deal still requires the approval of Australian regulatory authorities and DCA shareholders.
I-Med Network operates over 230 sites, employing approximately 350 radiologists and radiation oncologists. The company was formed in 2004 through the merger of I-Med with the MIA Group.
By AuntMinnie.com staff writers
September 26, 2006
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