Philips pays $1.2 billion for 60% stake in medical transcription company MedQuist
This article was originally published in Clinica
In a move that will strengthen its presence in the high-margin healthcare services industry, Philips Electronics is to pay around $1.2 billion for a 60% stake in MedQuist, one of the largest electronic medical transcription services company in the US. This represents around three times MedQuist's annual sales. Philips will offer around $51 per share in cash. Shares in MedQuist rose from $39 to $45, before settling at $41.