The acquisitions have an aggregate purchase price of $39 million and is based on an EBITDA multiple of 5.15x, without consideration of any post-acquisition synergies.
$3.9 million, or 10%, of the aggregate purchase price is to be paid in common shares of Akumin based on the volume-weighted average price for the shares on the NASDAQ for the 20 trading days preceding the closing, subject to a $4.00 per share floor.
Closing of the transaction is expected to occur in Q2 2021 and remains subject to customary conditions, including any required approvals by the NASDAQ and the Toronto Stock Exchange. The Corporation will provide further updates in respect of this transaction in due course.
We are very excited to continue our growth and consolidation strategy, said Riadh Zine, President and Chief Executive Officer of Akumin. These acquisitions would expand our geographic density in Florida, taking us to a total of 78 operating clinics in the state from our original 13 clinics in late 2014, and over 130 clinics across our network in seven states in just over 6 years.
PLANTATION, Fla
Akumin Inc. (NASDAQ: AKU) (TSX: AKU) (Akumin or the Corporation) announced it has entered into definitive agreements to acquire six freestanding, fixed-site outpatient diagnostic imaging clinics located in Florida.
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