After more than two months of negotiations, Royal Philips reached an agreement to acquire BioTelemetry, a Malvern-based medical device developer, last month in a stock deal valued at $2.8 billion, writes John George for the Philadelphia Business Journal.
The deal was one of the region’s largest proposed mergers of 2020.
BioTelemetry was founded in 1994 as CardioNet. It provides remote cardiac diagnostics and monitoring services to more than a million cardiac patients. The company generated a profit of $1.6 million on revenue of $439 million in 2019.
The acquisition by the health technology giant was first brought up on Oct. 6, when Royal Philips Chairman and CEO Frans van Houten e-mailed BioTelemetry CEO Joseph H. Capper.
Over the following months, the two companies negotiated the proposed acquisition, starting with an opening offer by Phillips of an all-cash purchase price of $60 per share.
After Phillips, which is headquartered in the Netherlands, and BioTelemetry had finally agreed on $72 per share with a 2.77 percent termination fee, the deal was officially announced on Dec. 18.
Read more about the acquisition in the Philadelphia Business Journal here.