(RTTNews) - Philips Electronics NV (PHGFF.PK, PHG) announced Thursday that it has signed an agreement to acquire Intact Vascular, Inc., a U.S.-based developer of medical devices for minimally-invasive peripheral vascular procedures.
The acquisition is for an upfront cash consideration of $275 million or around 234 million euros, and deferred payments for which the company expects to recognize a provision of $85 million upon completion of the deal.
The transaction is expected to be completed in the third quarter, subject to customary closing conditions.
On completion of the transaction, Wayne, Pennsylvania -based Intact Vascular will become part of Philips' Image-Guided Therapy business.
Philips expects the acquisition of Intact Vascular will enhance its image-guided therapy portfolio. This would combine Philips' interventional imaging platform and diagnostic and therapeutic devices with Intact Vascular's unique, specialized implantable device to optimize the treatment of patients with Peripheral Artery Disease or PAD.
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