Philips Buys BioTelemetry for $2.8 Billion in Cardio Push :

Philips Buys BioTelemetry for $2.8 Billion in Cardio Push
Bloomberg
12/18/2020
Andrew Noël
© Bloomberg
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.
(Bloomberg) -- 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.
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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.
With the global coronavirus pandemic still raging, demand for Philips’s equipment that allows doctors and nurses to provide real-time remote care over the cloud is surging. The Amsterdam-based company expects the BioTelemetry purchase to add to sales growth and expand its profit margin in 2021.

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