Akumin’s Acquisition of Alliance HealthCare Services

Stikeman Elliott LLP and McDermott Will & Emery LLP acted as legal advisors, and PricewaterhouseCoopers LLP as financial advisors, to Akumin. Citigroup Global Markets, Inc. and SVB Leerink LLC acted as financial advisors, and Ropes & Gray LLP and Osler, Hoskin & Harcourt LLP acted as legal advisors to Alliance. Sidley Austin LLP and McCarthy Tétrault LLP acted as legal advisors to Stonepeak.

Stonepeak announced its debt and equity financing to Akumin in connection with Akumin’s acquisition of Alliance Healthcare Services. Stonepeak’s financing commitment is for US$700 million to be used to fund the acquisition and, to the extent unused for the acquisition, under certain circumstances, may be used to fund future growth equity. The acquisition transaction has an enterprise value of US$820 million.

Akumin Inc. is a leading provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States with a network of 137 owned and/or operated imaging centers located in Florida, Texas, Pennsylvania, Delaware, Illinois, Kansas, Georgia, and Massachusetts.

Alliance HealthCare Services is a leading national provider of outsourced advanced radiology and radiation therapy services across 45 states in the U.S. Alliance partners with more than 1,000 hospitals, health systems and physician practices to provide a full continuum of solutions, including onsite outpatient services and comprehensive service line management.

Stonepeak, based in New York, Unites States, is a leading alternative investment firm specializing in infrastructure and real assets with approximately US$37 billion of assets under management.

The Sidley team was led by Cliff Vrielink (Picture), Ryan Scofield, and Tim Chandler, and included Meena Datta, Zackary Pullin, Nicholas Schwartz, Kristen Smith, Elizabeth Chen, Ash Nagdev, Samantha Seley, Mark Prior, Quan Lu, Jesse Burbank, Tanner Groce, Sarah O’Brien, and Brian DiFilippo.

The McCarthy Tétrault team was led by Patrick Boucher and Andrew Parker, and included Suzie Cusson (Business), Dominic Thérien (Competition), and Raj Juneja and Brendan Festeryga (Tax).

The Osler, Hoskin & Harcourt team included Eric Levy, Alex Gorka and Wesley Cohen (Corporate).

The Ropes & Gray team was led by private equity partners Howard Glazer (San Francisco) and Alex Zeltser (New York), litigation & enforcement partner Samer Musallam (Washington, D.C.),  employment & benefits partner Jenny Rikoski (Boston) and private equity associates Peter Wang and Richard Barghash (both of San Francisco).

Involved fees earner: Patrick Boucher – McCarthy Tétrault; Suzie Cusson – McCarthy Tétrault; Brendan Festeryga – McCarthy Tétrault; Raj Juneja – McCarthy Tétrault; Andrew Parker – McCarthy Tétrault; Dominic Thérien – McCarthy Tétrault; Wesley Cohen – Osler Hoskin & Harcourt; Alex Gorka – Osler Hoskin & Harcourt; Eric Levy – Osler Hoskin & Harcourt; Richard Barghash – Ropes & Gray; Howard Glazer – Ropes & Gray; Samer Musallam – Ropes & Gray; Jennifer Rikoski – Ropes & Gray; Peter Wang – Ropes & Gray; Alexander Zeltser – Ropes & Gray; Jesse Burbank – Sidley Austin LLP; Timothy Chandler – Sidley Austin LLP; Elizabeth Chen – Sidley Austin LLP; Meenakshi Datta – Sidley Austin LLP; Brian DiFilippo – Sidley Austin LLP; Tanner Groce – Sidley Austin LLP; Quan Lu – Sidley Austin LLP; Ash Nagdev – Sidley Austin LLP; Sarah O’Brien – Sidley Austin LLP; Mark Prior – Sidley Austin LLP; Zackary Pullin – Sidley Austin LLP; Nicholas Schwartz – Sidley Austin LLP; Ryan Scofield – Sidley Austin LLP; Kristen Smith – Sidley Austin LLP; Cliff Vrielink – Sidley Austin LLP;

Law Firms: McCarthy Tétrault; Osler Hoskin & Harcourt; Ropes & Gray; Sidley Austin LLP;

Clients: Alliance Healthcare Services, Inc.; Stonepeak Infrastructure Partners;

Author: Martina Bellini