Novant completes MedQuest acquisition for $414M

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Novant Health has purchased MedQuest Associates, an outpatient diagnostic imaging company, for $414 million in cash and debt. Novant said that MedQuest will operate as its wholly owned, for-profit subsidiary.

Under the terms of the agreement, if the Alpharetta, Ga.-based MedQuest continues to perform well, Novant said that it will pay up to an additional $35 million.

The majority of MedQuest's imaging centers are in South Carolina, Georgia, Virginia and Tennessee. In North Carolina, MedQuest has facilities in Charlotte, Concord, Monroe, Mooresville, Winston-Salem, Greensboro, Durham and Wilmington, according to the Winston-Salem, N.C.-based Novant.