Alliance Imaging to Acquire SMT Health
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Alliance Imaging Inc., a major provider of magnetic resonance imaging, or MRI, said Thursday it agreed to acquire closely held SMT Health Services Inc. for about $37 million in stock.
Costa Mesa-based Alliance will issue 1.7 million shares of stock and assume or refinance $68.4 million of SMT debt.
Both companies are controlled indirectly by investor Leon Black’s Apollo Management LP. Apollo, based in New York, owns 90% of SMT and 83% of Alliance Imaging, Alliance chief financial officer Kenneth Ord said.
He said SMT is a leading provider of MRI services in Kentucky, Tennessee, Virginia and West Virginia.
SMT Health has 35 mobile systems serving 144 customers in 10 states. With SMT, Alliance said it will operate about 285 MRI systems nationwide and several other health-care services after the sale.
Alliance said it expects to complete the transaction next month.
Alliance shares last traded April 9, closing at $22.
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