The diagnostic imaging provider Akumin Inc. (NASDAQ: AKU) has announced a definitive agreement to acquire Alliance Healthcare Services for approximately $820 million.
Alliance HealthCare Services provides outsourced advanced radiology and radiation therapy services across 45 states in the U.S. Alliance partners with more than 1,000 hospitals, health systems and physician practices. It was owned by Tahoe Investment Group.
Upon closing of the transaction, the combined company will offer the most comprehensive radiology and oncology solutions to patients in the U.S., operating in 46 states, with more than 1,000 hospital and health system customers, 154 independent outpatient radiology centers and 34 radiation therapy centers. The combined company expects to have over 4,000 team members serving more than two million radiology and oncology patient visits annually. Tahoe Investment Group has been majority owner of Alliance since 2016 and on closing, will transition to a minority interest.
The closing of the transaction is expected in third quarter of 2021.
The acquisition has been facilitated for Alliance with the assistance of Citigroup Global Markets, Inc. and SVB Leerink LLC as financial advisors, and Ropes & Gray LLP and Osler, Hoskin & Harcourt LLP, as legal advisors. Stikeman Elliott LLP and McDermott Will & Emery LLP acted as legal advisors, and PricewaterhouseCoopers LLP as financial advisors, to Akumin.
