Integral Diagnostics (ASX:IDX) buys X-Ray Group

Medical imaging services Integral Diagnostics (ASX:IDX) has put in a offer to acquire the X-Ray Group for up to $37.5 million.

Integral Diagnostics provides imaging services to 67 radiology clinics across Australia and New Zealand.

Under the deal, $25.95 million will be paid in cash while $11.55 million will be issued as shares that will be under an escrow arrangement, that means the shares are unable to be sold and/or transferred until year four of the issue.

There could also be another $6.5 million on the table, conditional on EBITDA performance metrics between financial years 2022 and 2023.

The X-Ray Group has forecasted EBITDA between $5 million to $5.5 million in FY 2022 before any Covid-19 costs.

The transaction is slated to be complete in November this year, subject to “customary conditions”.

Shares in Integral Diagnostics (ASX:IDX) are trading 3.8 per cent higher at $4.91.