RadNet to Buy ONRAD in Mixed Cash-and-Stock Deal

The Tip Desk · October 26, 2026 · 2 min read

The imaging operator said combining outpatient imaging, DeepHealth AI tools and ONRAD’s radiology professional services would put the full diagnostic stack in one company.

RadNet, Inc. (RDNT) agreed to acquire ONRAD, Inc. in a mixed cash-and-stock transaction with closing consideration of a $350 million cash payment and 5 million shares of RadNet common stock, subject to customary adjustments. The deal is expected to close in early 2027, subject to customary regulatory review and closing conditions.

The company said combining RadNet outpatient imaging operations and DeepHealth AI-enabled digital health solutions with the ONRAD radiology professional services platform will bring together comprehensive expertise in the diagnostic imaging industry within one company.

“[T]his is the next step in building an imaging company with comprehensive solutions that brings technology, radiology professional services and imaging operations together to address some of healthcare’s most pressing challenges and needs,” said Dr. Howard Berger, President and CEO of RadNet.

The closing consideration is structured as a cash component plus a block of RadNet equity, rather than an all-cash or all-stock purchase. The 5 million-share allotment and $350 million cash payment are subject to customary adjustments. An additional earnout of up to $210 million in value is payable if ONRAD achieves its target EBITDA for 2027, in cash, RadNet common stock, or both, at RadNet’s election.

Closing is still ahead of customary regulatory review and other closing conditions, with the company pointing to early 2027 as the expected completion window.

The strategic framing is a single diagnostic-imaging company that spans outpatient imaging operations, AI-enabled digital health, and radiology professional services. RadNet said the combination is intended to put that full stack under one roof rather than to add a standalone specialty practice.

Berger’s comment frames the transaction as a step toward a company that unites technology, professional services, and imaging operations. The company did not disclose per-share values or a separate premium in the release.

The mixed consideration leaves part of the purchase in RadNet equity, so ONRAD’s owners would receive both cash and a 5 million-share stake in the acquirer once the transaction completes. The $350 million cash payment is the cash portion of the closing consideration.

Regulatory review and customary closing conditions still stand between the agreement and completion. The company’s stated timeline is early 2027.