M&A · Healthcare · Surgical & Medical Instruments & Apparatus
RadNet, Inc. to acquire iCAD Inc
Announced Apr 15, 2025 · Closed Jul 17, 2025
Deal value$103MEV $82M
Premium98.0%To unaffected price
EV / Adj. EBITDA—4.2x EV / Revenue
ConsiderationAll stock$3.61 per share
Transaction
- Acquirer
- RadNet, Inc. (RDNT)
- Target
- iCAD Inc (ICAD)
- Buyer type
- Strategic
- Offer price per share
- $3.61
- Enterprise value
- $82M
- Status
- Closed Jul 17, 2025
Deal protections
- Break fee (target pays)
- $2.0M · 1.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Piper Sandler
- Piper Sandler fee
- $3.0M
Sector context · Healthcare
- Comparable deals
- 93 in the prior 24 months
- Premium
- 98.0% vs. 65.5% sector median
- EV / Adj. EBITDA
- Sector median 13.8x
- Break fee
- 1.9% vs. 3.5% sector median
Timeline
- AnnouncedApr 15, 2025
- Proxy filedMay 21, 2025
- Definitive proxyMay 21, 2025
- Shareholder voteJul 14, 2025
- ClosedJul 17, 2025
Valuation · fairness opinions
Trading comparables$2.48$2.56
Trading comparables$2.87$2.99
Precedent transactions$4.18$4.34
Precedent transactions$3.77$3.98
Precedent transactions$4.35$4.57
Offer $3.61
Implied value per iCAD Inc share by analysis, from Piper Sandler.