RadNet said on 26 October 2026 that it had agreed to acquire ONRAD, a Housatonic Partners-backed teleradiology and radiology staffing provider, for US$350m in cash and 5m RadNet shares, plus an earn-out of up to US$210m.
Why RadNet, Inc. is buying ONRAD, Inc.
RadNet said combining ONRAD's teleradiology and staffing services with its outpatient imaging and DeepHealth AI businesses would create a third operating segment, Radiology Professional Services, and extend the company into hospital-based radiology. It said the deal addresses the gap between imaging demand and the supply of trained radiologists and adds a capital-light business with adjusted EBITDA margins above 30%.
“This is the next step in building an imaging company with comprehensive solutions.”
Deal terms and financing
ONRAD's securityholders will receive US$350m in cash, subject to adjustments and escrow holdbacks, and 5m RadNet shares. An earn-out of up to US$210m is payable if ONRAD meets a 2027 adjusted EBITDA target, in cash, shares or both at RadNet's choice. RadNet expects ONRAD to add US$190m–US$200m of revenue and US$60m–US$65m of adjusted EBITDA in its first year after closing.
Regulatory approvals and timing
Closing conditions include certain state healthcare regulatory filings and approvals. RadNet's filing says the Hart-Scott-Rodino waiting period has expired. Completion is expected in early 2027, with an outside date of 23 February 2027 that can be extended to 1 June 2027.
Market context
AuntMinnie reported that ONRAD serves more than 225 hospital facilities in 26 states.
