Providence Equity Partners has completed its $294 million purchase of radiology outsourcing firm Virtual Radiologic Corp. (NASDAQ: VRAD).
The agreement to take Virtual Radiologic private was first announced in May. With shareholder approval of the transaction, Virtual Radiologic will cease trading on the Nasdaq and be delisted, according to a statement.
The $17.25 per-share deal represented a 42 percent premium over the closing price just prior to when the transaction was first announced.
Virtual Radiologic went public with a $68 million IPO in 2007. The company has been growing rapidly, to $121 million in revenue in 2009 compared from $86 million in 2007. At the time of the announcement, Virtual Radiologic CEO said part of the motivation to the deal was that the company didn’t feel it was being “valued properly.”
Virtual Radiologic sells teleradiology services and software that remotely connects hospitals and clinics around the country to radiologists who analyze and interpret MRI and CT scans.