Philips makes $2.8B acquisition to strengthen cardiac business: 5 details

Philips plans to purchase a remote cardiac diagnostics and monitoring technology company for $2.8 billion.

Five details:

1. On Dec. 18, Philips announced plans to acquire BioTelemetry, a company with technology that monitors more than 1 million patients remotely. BioTelemetry's portfolio includes wearable heart monitors, artificial intelligence-based data analytics and other services.

2. Philips will add BioTelemetry to its cardiac care portfolio, which already includes real-time patient monitoring, therapeutic devices, telehealth and informatics capabilities.

3. The acquisition will further Philips' strategy to become a leader for in-hospital as well as home-based healthcare products and technologies.

4. BioTelemetry and its around 1,900 employees will join Philips' Connected Care business. The business is expected to grow in the double-digits and reach an adjusted EBITA margin of more than 20 percent by 2025.

5. The transaction is expected to complete in the first quarter of 2021.

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