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Philips buys American cardiac care company BioTelemetry in $2.8 billion deal

AMSTERDAM: Dutch health technology company Philips said on Friday it had agreed to buy U.S. cardiac diagnostics and monitoring firm BioTelemetry in a deal valuing the firm at $2.8 billion.

Philips said it would pay $72 per outstanding BioTelemetry share in cash, in an offer supported by the U.S. company’s board at a 16.5% premium to the stock’s closing price on Thursday.

“The acquisition of BioTelemetry fits perfectly with our strategy to be a leading provider of patient care management solutions for the hospital and the home”, Philips Chief Executive Frans van Houten said.

BioTelemetry, which has around 1,900 employees, primarily focuses on the diagnosis and remote monitoring of heart rhythm disorders, a business that represented 85% of its $439 million sales last year.

Philips said the company was expected to deliver double-digit growth and improve its adjusted earnings before interest, tax and amortisation (EBITA) margin to more than 20% by 2025. It said the acquisition would have a positive effect on its own sales growth and profit margin from next year.

Once a sprawling conglomerate, Philips has become purely focused on healthcare after spinning off its lighting and consumer electronics pisions in recent years.