RadNet, Barnabas Health Expand New Jersey Imaging JV

RadNet, Inc. RDNT and Barnabas Health today announced that they have executed purchase agreements for a major expansion of their existing New Jersey Imaging Networks ("NJIN") joint venture to include NJIN's acquisition of all of RadNet's 10 wholly owned New Jersey imaging centers and Barnabas Health's wholly owned outpatient imaging center in West Orange, New Jersey. Following the acquisitions, which are expected to close in the third quarter, NJIN will have 18 facilities in northern and central New Jersey and will perform over 330,000 exams on an annual basis, making NJIN the clear leader in outpatient imaging in New Jersey. The acquisitions are subject to customary closing conditions, including the approval of certain New Jersey state licensure bodies and required third party consents, as well as the closing by NJIN of its acquisition financing. NJIN will continue to be owned 51% by an affiliate of Barnabas Health and 49% by RadNet. RadNet will provide its management expertise and direct the daily operations of the joint venture. In addition, RadNet will provide certain services to the joint venture including, among other functions, information technology through the provision of its eRad RIS and PACs solutions, marketing, billing See full press release