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Philips Buys Volcano for $1 Billion to Boost Medical Imaging

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Royal Philips NV agreed to buy Volcano Corp. for $1 billion to expand in catheter-based imaging of the heart and blood vessels as part of a wider refocus on more profitable markets such as medical gear.

Shareholders of Volcano, whose equipment enables minimally invasive diagnostics and treatment of coronary artery disease, will receive $18 a share in cash, Philips said in a statement. Stock of the San Diego-based company closed at $11.49 yesterday.