Royal Philips Electronics today said it signed an agreement to acquire Intermagnetics General Corporation for U.S. $27.50 per share or a total equity value of approximately $1.3 billion. The Intermagnetics board unanimously approved the transaction, which is subject to regulatory approval and the approval of Intermagnetics' shareholders.
Intermagnetics develops high-field superconducting magnets used in magnetic resonance imaging (MRI) systems. It also provides specialized MRI-compatible patient monitoring devices and radio frequency (RF) coils that are predominantly supplied to hospitals. It employs approximately 1,150 people and is headquarters in Latham, New York, U.S., which will become the global headquarters of Philips' enlarged magnetic resonance business. Upon completion of the acquisition, Glenn H. Epstein will join Philips to lead the MRI business and the integration process. He will report to Steve Rusckowski, CEO of Philips Medical Imaging Systems.
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