vRad stockholders approve merger agreement for acquisition by Providence affiliate

Virtual Radiologic Corporation ("vRad"), a national radiology practice and a leader in the development of radiologist workflow technology, and Providence Equity Partners, a leading global private equity firm that manages over $22 billion in equity capital, announced that earlier today vRad's stockholders approved and adopted the merger agreement providing for the acquisition of vRad by an affiliate of Providence. The transaction is valued at approximately $294 million and was completed today.

“We are pleased with the outcome of today's stockholder vote”

"With its innovative proprietary technology, vRad is transforming the way radiologic care is delivered," said Eran Broshy, a Senior Advisor at Providence. "We look forward to working with Rob Kill and the entire vRad team to continue to grow the company and add value for vRad's customers over the long-term."

"We are pleased with the outcome of today's stockholder vote," said Rob Kill, vRad's President and Chief Executive Officer. "The vote results underscore the value we are delivering to shareholders through this transaction. Looking ahead, we expect to continue building on our leadership position in the development of radiologist workflow technology and in providing the highest quality patient care. Providence brings an exceptional track record of supporting the growth of information services companies in and outside of the healthcare industry, and we look forward to working with them for many years to come."

Under the terms of the merger agreement, vRad stockholders will receive $17.25 in cash for each share of vRad common stock held. Letters of transmittal allowing former vRad stockholders to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed promptly after the closing.

With the closing of the transaction, vRad's common stock will cease to trade on NASDAQ at market close today and will be delisted.

Goldman, Sachs & Co. served as financial advisor and Oppenheimer Wolff & Donnelly LLP served as legal counsel to vRad. Weil, Gotshal & Manges LLP served as legal counsel and KPMG LLP provided accounting and tax advisory services to Providence Equity Partners.