ReadiCare Acquires CHEC Medical Centers

ReadiCare Inc. said it has completed its previously announced acquisition of CHEC Medical Centers Inc. of Seattle, Wash., in a transaction valued at about $4 million.

ReadiCare, the Irvine-based chain of drop-in medical centers, will acquire CHEC for 1.4 million shares, or 16.6% of its common stock. Dennis G. Danko, ReadiCare president, valued the transferred shares at about $2.1 million. In addition, ReadiCare issued warrants and $1.8 million of subordinated debentures for CHEC, which will become a wholly owned subsidiary of ReadiCare.