RadNet, Inc. announced on October 26, 2026, that it has entered into a definitive agreement to acquire ONRAD, Inc. in an all-stock transaction.
Under the terms of the Merger Agreement, ONRAD shareholders will receive an aggregate of $350 million in cash and 5,000,000 shares of RadNet common stock at the closing of the transaction. The cash consideration is subject to customary adjustments for cash, indebtedness, net working capital, and transaction expenses. Additionally, the deal includes an earn-out provision of up to $210,000,000, payable in cash, RadNet common stock, or a combination thereof, contingent upon ONRAD achieving a target Post-Closing Annual Adjusted EBITDA for the fiscal year ending December 31, 2027.
The transaction is expected to close in early 2027, subject to the satisfaction of customary closing conditions. These conditions include the delivery of required stockholder approval, the effectiveness of a registration statement, and the absence of any law or order prohibiting the merger. The merger is also subject to the employment of ONRAD’s President and CEO, David M. Engert, through the closing date, and the conveyance of ownership interests in ONRAD’s contracted professional entities.
RadNet stated that the acquisition will add a radiology professional services platform to its portfolio. ONRAD currently supports more than 225 hospital facilities across 26 states with over 130 contracted radiologists. The company projects that ONRAD will add between $190 million and $200 million in revenue and $60 million to $65 million in Adjusted EBITDA to RadNet in the first year of operation following the closing.
RadNet and ONRAD management will host a conference call and webcast at 8:00 A.M. Eastern Time on Tuesday, October 27, 2026, to discuss the transaction in further detail.
