Mednax entered into an agreement to sell its radiology business to strengthen its balance sheet and focus on core business lines.
Five details:
1. Radiology Partners, a provider of radiology and teleradiology services, will purchase Mednax Radiology Solutions for $885 million.
2. Mednax had previously announced its intent to sell and engaged in discussions with several parties before selecting Radiology Partners.
3. Following the sale, Mednax plans to focus on its core pediatrics and obstetrics medical groups, according to CEO Mark Ordan.
4. Mr. Ordan expects proceeds from the transaction to strengthen the company's balance sheet for the rest of the year.
5. Radiology Partners is a physician-owned company that partners with 1,600 radiologists and provides services to around 1,300 hospitals, clinics and imaging centers. After the transaction, Radiology Partners will have more than 2,400 radiology physicians providing services in all 50 states.