RadNet to acquire Medical Imaging Centers in Delaware

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RadNet has signed a definitive agreement to purchase all of the assets of Papastavros' Associates Medical Imaging and related entities for $18 million in cash plus the assumption of approximately $3.6 million of debt.

The cash purchase price includes the purchase of certain real estate assets utilized by the Wilmington, Del.-based Papastavros' Associates which will be sold at the same time as the closing of the transaction to a third party at its then appraised value, estimated to be between $11.5 million and $12.5 million.

RadNet said it will lease the real estate from the new owner on a long-term basis, using funds from a portion of the previously announced $25 million incremental term loan provided by GE Healthcare Financial Services in August 2007.