CareLine has signed letters of intent to acquire two ambulance companies operating in the Chicago metropolitan area. Terms weren't disclosed. The deal with TEK Ambulance and Rescue Eight Paramedic Services is expected to become final during the next 30 to 60 days, pending regulatory and other third-party approvals, a CareLine spokesman said. TEK and Rescue Eight had combined transports of 45,000 patients in 1993 with total revenues of more than $13 million, the spokesman said. Irvine, Calif.-based CareLine expects to consolidate the two companies, which overlap service areas, the spokesman said. CareLine, with 850,000 patient transports annually, is the nation's second-largest ambulance service company. It has acquired 16 ambulance companies during the past two years. With the two Chicago-area firms, CareLine will operate in 12 markets.
Boston Scientific Corp. said it will acquire Cardiovascular Imaging Systems for $10.50 per share, or $100 million. The acquisition requires the approval of Cardiovascular Imaging shareholders and antitrust clearance. A shareholder meeting hasn't been scheduled; the companies plan to file pre-merger notification documents with authorities shortly. Executives said the merger could be completed by year-end. Both companies are developing ultrasound technologies to image blockages and disorders in blood vessels and other internal systems. Sunnyvale, Calif.-based Cardiovascular Imaging posted sales of $8.3 million in 1993, and Watertown, Mass.-based Boston Scientific reported sales of $380 million that year.
Bristol-Myers Squibb Co. has sold its Squibb Diagnostics imaging business, which makes an X-ray contrast agent, to Bracco, an Italian drug company. Terms of the agreement were not disclosed, but analysts said the unit brought $500 million. It has annual sales of about $370 million. New York-based Bristol-Myers will continue to make contrast agents for magnetic resonance imaging.