By Adria Calatayud


Koninklijke Philips NV said Friday that it has agreed to buy U.S. provider of remote cardiac diagnostics and monitoring, BioTelemetry Inc., in a deal worth $2.47 billion.

The Dutch medical-technology company said it will start a tender offer to acquire all of the issued and outstanding shares of Malvern, Pennsylvania-based BioTelemetry for $72.00 each, to be paid in cash upon completion. That price represents a 16.5% premium to BioTelemetry's closing price on Thursday, Philips said.

Philips said the deal implies an enterprise value for the target of $2.8 billion, including BioTelemetry's cash and debt.

The acquisition of BioTelemetry is a strong fit with Philips's cardiac-care portfolio, as it will combine the Dutch company's patient monitoring position in hospitals with BioTelemetry's cardiac diagnostics and monitoring position outside hospitals, Philips said.

The combination will result in significant synergies driven by cross-selling opportunities, geographical expansion, portfolio innovation synergies, and productivity gains, Philips said.

The deal, which is expected to close in the first quarter of 2021, will be accretive for Philips's sales growth and adjusted earnings margin in 2021, the company said.


Write to Adria Calatayud at


(END) Dow Jones Newswires

December 18, 2020 02:51 ET (07:51 GMT)

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