Koninklijke Philips N.V.
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Publicatie datum
15 jun 2006 - 08:10
Statutaire naam
Koninklijke Philips N.V.
Titel
Philips to acquire Intermagnetics, the world's leading MRI components and accessories manufacturer
Bericht
June 15, 2006
PHILIPS TO ACQUIRE INTERMAGNETICS, THE WORLD'S LEADING MRI COMPONENTS AND ACCESSORIES MANUFACTURER
· Strategic acquisition to build world leading Magnetic Resonance Imaging (MRI) solutions with extended product portfolio, accelerated time-to-market and increased efficiency
Amsterdam, the Netherlands and Latham, New York – Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced it has signed a definitive agreement with Intermagnetics General Corporation ("Intermagnetics") (NASDAQ: IMGC) under which Philips will acquire Intermagnetics for USD 27.50 per share or a total equity value of approximately USD 1.3 billion (EUR 1 billion) to be paid in cash upon completion. The Board of Directors of Intermagnetics has unanimously approved the proposed transaction. Completion of the transaction is subject to regulatory approval, to the terms and conditions of the merger agreement and to the approval of Intermagnetics’ shareholders.
Intermagnetics develops, manufactures and markets high-field superconducting magnets used in Magnetic Resonance Imaging (MRI) systems and is viewed as the technological innovator in this market. Intermagnetics also provides specialized MRI compatible patient monitoring devices and Radio Frequency (RF) coils that are predominantly supplied to hospitals.
The acquisition of Intermagnetics will strengthen Philips' position in the key market of Magnetic Resonance Imaging. It will allow Philips to significantly rationalize its supply chain, to enhance its competitive position and to participate in the fast growing market for RF coils. Philips anticipates the transaction to be accretive to its operating margin towards the end of 2007. There will be a one-time charge of approximately EUR 85 million related to in-process R&D expenses, integration of supply chain and various purchase accounting items, taken in the latter half of 2006. For the last four quarters ended February 26, 2006, Intermagnetics' revenues were USD 304 million.
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Datum laatste update: 01 september 2024