Newport Beach-based Alliance HealthCare Services Inc. said today that Fujian Thai Hot Investment Co. completed its purchase of a majority stake in the medical imaging company.
Fuzhou, China-based Fujian Thai Hot said in September it would buy 5.5 million of Alliance shares for $102.5 million, giving it ownership of 51.5% of the company.
Three Fujian Thai Hot executives—founder Qisen Huang, Heping Feng and Tao Zhang—were appointed to Alliance’s board, replacing Michael Harmon, Curtis Lane and Aaron Bendickson.
Alliance released the news after markets closed today. Shares closed up 3% to a $75.5 million market cap in intraday trading but have been down 57% since the announcement of the Fujian investment.
It was unclear how this may have affected the final price Fujian Thai Hot paid.
