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RadNet, Inc. (NASDAQ: RDNT), provider of diagnostic imaging services through a network of owned and operated outpatient imaging centers, reported that it acquired the Rolling Oaks Radiology imaging centers.

RadNet, Inc. (NASDAQ: RDNT), provider of diagnostic imaging services through a network of owned and operated outpatient imaging centers, reported that it acquired the Rolling Oaks Radiology imaging centers in Thousand Oaks, California, an affluent suburb of Los Angeles in Southern Ventura County.

The practice consists of two centers, one of which is a dedicated women's center. The centers are multimodality and include a combination of MRI, CT, PET/CT, mammography, ultrasound and x-ray. The centers are positioned in the community as high-end, high-quality imaging facilities that employ state-of-the-art technology, including 3 Tesla MRI and 64 slice CT units. The facilities have been fixtures in the Westlake/Thousand Oaks market since 2003.

The Rolling Oaks Medical Group, consisting of five radiologists who staff the two facilities, has been practicing radiology in this medical community for almost 20 years. As part of the transaction, the Rolling Oaks Medical Group has entered into a long-term contract with RadNet, and will continue to provide all radiology services to these two centers as well as to the existing RadNet Westlake/Thousand Oaks facilities on an exclusive basis. The group provides valuable subspecialist capabilities including interventional radiology, dedicated women's imaging and neuroradiology.

The acquired facilities will add approximately $9m of revenue to RadNet on an annualized basis. The purchase price consisted of approximately $5.9m in cash and the assumption of approximately $5.9m of debt.

"This acquisition is illustrative of our strategy of consolidating attractive local markets." said Dr. Howard Berger, President and Chief Executive Officer of RadNet. "The acquisition makes us the leading outpatient imaging provider in the Westlake/Thousand Oaks region, a market that has very attractive patient and payor characteristics. Most importantly, this acquisition provides us with a foundation to capitalize on future opportunities for growth and consolidation in this region."

"The Rolling Oaks practice has a highly-regarded reputation and loyal following in this medical community, and it is a well-run, efficient practice. We are proud to welcome the Rolling Oaks employees and physicians into the RadNet family.