Deals
Philips Buys BioTelemetry for $2.8 Billion in Cardio Push
- Shareholders of the U.S. company to receive $72 a share
- Philips sees the deal expanding profit margin next year
With the global coronavirus pandemic still raging, demand for Philips’s equipment that allows doctors and nurses to provide real-time care over the cloud is surging.
Photographer: Jasper Juinen/Bloomberg
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Royal Philips NV agreed to buy U.S.-based BioTelemetry Inc. for $2.8 billion to expand in wearable heart monitors as the Dutch company expands in the burgeoning at-home care market.
Shareholders of Conshohocken, Pennsylvania-based BioTelemetry will receive $72 a share in cash, Philips said in a statement Friday, a 17% premium over Thursday’s closing price.