Wednesday, CML HealthCare Income Fund (CLC_U.TO, CLC-UN.TO) said its operating subsidiary, CML HealthCare Inc. or CML, entered into definitive agreements to acquire 2 medical imaging operations comprising 6 centers in the Northeast United States.
These medical imaging operations include The Imaging Institute ("TII") in Providence, Rhode Island; and The Quarry Lake Imaging Centre in Baltimore, Maryland. The Quarry Lake acquisition closed on July 31, 2009, and TII is expected to close in the fourth quarter of 2009. The acquisitions are expected to be immediately accretive to the Fund's distributable cash on a per unit basis, CML HealthCare stated.
In addition to these acquisitions, CML entered into a joint venture agreement with Upper Chesapeake Health System or UCHS to operate a multi-modality medical imaging center in Bel Air, Maryland.
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