HealthSouth Corp. last week agreed to acquire Atlanta-based Health Images, a leading provider of diagnostic imaging services, in a stock swap valued at $270 million.
Birmingham, Ala.-based HealthSouth will give Health Images stockholders 0.446 of a share of HealthSouth stock for each Health Images share they hold.
Health Images, which operates 49 imaging centers in the United States, will provide HealthSouth with a new source of patient referrals for its growing outpatient surgery and rehabilitation services business.
"Health Images represents a natural fit with HealthSouth, since 96% of the Health Images facilities overlap with our rehabilitation and surgery locations," said Richard Scrushy, HealthSouth's chairman and chief executive officer. "Nearly 100% of our patients require some form of diagnostics."
Health Images also owns six centers in England, giving HealthSouth its first overseas presence.
Robert Hoehn, an analyst with Salomon Brothers in New York, said HealthSouth likely will become more interested in overseas opportunities as foreign healthcare systems become more open to entrepreneurs.