Philips to Buy Electrical Geodesics for GBP29 Million
June 22 2017 - 1:59AM
Dow Jones News
By Ian Walker
Dutch health technology company Koninklijke Philips N.V.
(PHIA.AE) said Thursday it has agreed to buy Electrical Geodesics
Inc. (EGI.LN) in a deal that values the Oregon, U.S.-based medical
device company at 29 million pounds ($36.7 million).
Philips, which is headquartered in Amsterdam, has offered 105.4
pence in cash for each Electrical Geodesics share held, a 36%
premium to its closing share price of 77.5 pence in London on
Wednesday.
The deal, which is expected to close in the third quarter of
this year, has the support of Electrical Geodesics' board.
A key component of Electrical Geodesics products is the
company's proprietary dense array EEG platform technology, which
gathers brain-activity data from many more electrodes than
conventional EEG products.
With regulatory clearance in the U.S., E.U. and a number of
other major international regulatory bodies, Electrical Geodesics'
technology has been increasingly adopted as a powerful research
tool and as a cost-effective, patient-friendly clinical
neuro-diagnostic platform.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
June 22, 2017 02:44 ET (06:44 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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