MEDNAX To Buy Virtual Radiologic For $500 Mln - Quick Facts

(RTTNews) - MEDNAX, Inc. (MD), the national medical group specializing in neonatal, anesthesia, maternal-fetal, pediatric cardiology and other pediatric physician services, Tuesday announced the signing of a definitive agreement to acquire Virtual Radiologic Corporation or vRad, a radiology physician services and telemedicine company, for $500 million in cash.

The transaction is expected to be completed during the second quarter of 2015. It is expected to be accretive to earnings, including interest and non-cash amortization expense.

vRad currently generates annual revenue of roughly $185 million through its network of over 350 U.S.-board certified and eligible radiologists, more than 75 percent of whom are subspecialty trained. The company reads and interprets more than five million diagnostic imaging studies annually.

The company provides radiology coverage to over 2,100 healthcare facilities across all 50 states and internationally.

vRad's current management team will remain with the company as part of MEDNAX.