Integral Diagnostics Limited (ASX:IDX) agreed to acquire Peloton Radiology Pty Ltd for AUD 70.5 million on February 23, 2022. The implied acquisition multiple is 8.8x pro forma FY2022 EBITDA. Upfront Consideration to be funded by fully underwritten entitlement offer to raise approximately AUD 90 million. As at December 31, 2021, Peloton reported total assets of AUD 45.1 million and Net Assets of AUD 12.3 million. The transaction is subject to Confirmation of relevant regulatory approvals, including ACCC and other conditions. Completion of the Acquisition is expected in 2022. Expected to deliver low single digit pro forma FY2022 EPS accretion before ongoing synergies and one-off integration costs. Jefferies (Australia) Pty Limited acted as financial advisor to Integral Diagnostics Limited. As on May 18, 2022, Australian Competition & Consumer Commission as approved the transaction. Acquisition is expected to be completed in 2022. Raji Azzam, Jason Jordan, Emily Reyher, Adam Dyhrberg, Sarah Watling, Freeman Chen of Herbert Smith Freehills acted as legal advisors to Integral Diagnostics. Thomson Geer acted as legal advisor to Peloton. Ernst & Young Australia acted as financial and tax due diligence provider to Integral Diagnostics Limited.

Integral Diagnostics Limited (ASX:IDX) completed the acquisition of Peloton Radiology Pty Ltd on July 1, 2022.As on February 17, 2023 the deal terms revised for Upfront purchase consideration of AUD 66.0 million on a cash and debt free basis, comprising AUD 58.8 million in cash and AUD 7.2 million in new ordinary IDX shares; and An initial earn-out payment up to AUD 3.0 million and a final earn-out payment of up to AUD 1.0 million, subject to the fulfilment of several non-financial criteria.