RadNet agreed to acquire ONRAD on Monday, adding a hospital radiology and remote-reading business that supports more than 225 hospital facilities across 26 states.
Under the definitive agreement, ONRAD shareholders would receive $350 million in cash and five million RadNet shares at closing, subject to customary adjustments. An additional earnout worth up to $210 million would depend on achieving a 2027 earnings target and could be paid in cash, shares or both at RadNet’s choice.
The companies expect the transaction to close in early 2027, subject to regulatory review and other customary closing conditions. The agreement is not a completed acquisition.
ONRAD works through more than 130 contracted radiologists, providing remote final-read interpretations and in-hospital professional staffing, including interventional radiology. Its customers include hospitals, health systems and other diagnostic imaging sites.
RadNet said ONRAD would form the foundation of a third reportable operating segment, Radiology Professional Services, after closing. The business would sit alongside RadNet’s outpatient imaging operations and DeepHealth digital health and artificial-intelligence tools.
The proposed combination expands RadNet’s services inside hospitals as well as outside them. The company already operates imaging centers in markets including New York, New Jersey, Maryland, Delaware and several other states.
ONRAD is a portfolio company of Housatonic Partners. Robert W. Baird is its exclusive financial adviser, according to RadNet’s October 26 announcement.
JBizNews Desk | Los Angeles
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