By Sabela Ojea

 

Koninklijke Philips NV said Thursday that it has signed a contract to acquire Intact Vascular, Inc for an upfront cash consideration of $275 million with the aim of expanding its image-guided therapy portfolio.

The Dutch health-technology company said the agreement also includes deferred payments for which the company expects to recognize a provision of $85 million upon completion of the transaction, which is expected to be closed in the third quarter of the year.

Intact Vascular is a U.S.-based developer of medical devices for minimally-invasive peripheral vascural procedures, the company said.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

August 27, 2020 02:29 ET (06:29 GMT)

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