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Kirkland Guides MEDNAX In $500M Telemedicine Co. Buy

Law360, New York (May 12, 2015, 5:39 PM EDT) -- Florida-based medical services group MEDNAX Inc. will buy Virtual Radiologic Corp., a teleradiology service provider, for $500 million in an all-cash transaction guided by Kirkland & Ellis, MEDNAX said Tuesday.

The acquisition, which MEDNAX expects to gradually add to the company’s earnings, including interest and debt, will allow it to expand into the telemedicine market, which uses technology to provide medical care from a distance.

"Radiology is a large, fragmented industry with total revenue of roughly $18 billion, and it is evolving rapidly to include teleradiology as an economic and clinical necessity for customers,” MEDNAX CEO Roger J. Medel said. “We...

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