Alliance Healthcare Services Announces Acquisition by and Integration With Akumin
Alliance HealthCare Services, Inc. ("Alliance"), a leading national provider of radiology and oncology solutions to hospitals, health systems and physician groups, announced today that it has entered into an agreement to be acquired for $820 million by Akumin Inc. (NASDAQ/TSX: AKU), a premier provider of freestanding outpatient radiology services in the U.S. The closing of the transaction is expected in third quarter of 2021, subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.
Upon the 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.
"Bringing together the best of both organizations for the benefit of our patients, partners and customers is truly exciting," said Rhonda Longmore-Grund, President and CEO of Alliance. "Alliance brings an over 30-year history of successful radiology and oncology partnerships with hospitals, health systems and physicians; and Akumin has built and continues to grow its premier outpatient imaging practice. Together we will offer patients and customers profound value unlike any other healthcare solutions company - and we can't wait to get started."
"We have always said Akumin's vision is to drive patient-centered innovation, service delivery standardization, and exceptional healthcare value, all in an outpatient care setting," said Riadh Zine, President and CEO of Akumin. "The acquisition of Alliance is transformative in a changing healthcare ecosystem that continues to shift toward outpatient, price-transparent, value-based care. There's no other organization that has the complement of attributes we will offer together as outpatient healthcare services experts, in particular with Alliance's longstanding hospital and health system relationships and Akumin's freestanding operational expertise."
"We thank the Alliance team for five years of partnership, and we look forward to the success we know Akumin and Alliance will achieve as a combined organization," said Qisen Huang, Chairman and Founder of Tahoe Investment Group. Tahoe has been majority owner of Alliance since 2016 and will on closing transition to a minority ownership position in the newly combined, publicly traded entity.
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.
About Alliance HealthCare Services
Alliance HealthCare Services is a leading national provider of 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 to provide a full continuum of solutions, including onsite outpatient services and comprehensive service line management. Alliance's ~2,500 Team Members deliver exceptional customer and patient care via more than 600 diagnostic radiology and radiation therapy systems. For more information, visit www.alliancehealthcareservices-us.com.
About Akumin Inc.
Akumin is a leading provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States with a network of 137 owned and/or operated imaging centers located in Florida, Texas, Pennsylvania, Delaware, Illinois, Kansas, Georgia, and Massachusetts. By combining our clinical expertise with the latest advances in technology and information systems, our centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders and may reduce unnecessary invasive procedures, minimizing the cost and amount of care for patients. Our imaging procedures include MRI, CT, positron emission tomography (PET), ultrasound, diagnostic radiology (X-ray), mammography, and other interventional procedures, performed with the help of over 1,500 team members. For more information, visit www.akumin.com.
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SOURCE: Alliance HealthCare Services, Inc.
Tracy Wiese Chief Strategy & Marketing Officer Alliance HealthCare Services 949-877-4512 firstname.lastname@example.org