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Akumin to acquire six outpatient imaging clinics for $39 million

by John R. Fischer, Senior Reporter | April 23, 2021
Business Affairs
Akumin will acquire six freestanding, fixed-site outpatient diagnostic imaging clinics in Florida for a combined $39 million
Akumin is set to acquire six free-standing, fixed-site outpatient diagnostic imaging clinics in Florida for a combined $39 million.

“These acquisitions would expand our geographic density in Florida, taking us to a total of 78 operating clinics in the state from our original 13 clinics in late 2014, and over 130 clinics across our network in seven states in just over six years,” said Riadh Zine, president and chief executive officer of Akumin, in a statement.

Ten percent ($3.9 million) of the aggregate purchase price will be paid in common shares of Akumin, at $4 per share floor. This will be based on the volume-weighted average price for the shares on the NASDAQ for the 20 trading days prior to closing.

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The acquisitions are based on an EBITDA multiple of 5.15x, without consideration of any post-acquisition synergies.

Akumin previously dedicated 10 of its freestanding, outpatient diagnostic imaging centers specifically to the care of COVID-19 patients in March 2020 when the pandemic first hit the U.S. Such patients received services such as CT, X-ray or ultrasound imaging as part of their COVID-19 diagnosis and treatment plan.

More recently, the company finalized a settlement agreement with the U.S. Department of Justice regarding an investigation in which it was accused of seeking reimbursement from the federal government for diagnostic imaging studies performed without the required level of supervision or evidence that such supervision was performed.

The transaction for all six is expected to close in Q2 2021 and will be subject to customary conditions, including any required approvals by the NASDAQ and the Toronto Stock Exchange.

R. Jeffrey White, director of corporate development and investor relations at Akumin, declined to comment, saying that “it would be premature for us to make any comments prior to closing.”

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