Dutch health technology company Koninklijke Philips N.V. (PHIA.AE) said Thursday it has agreed to buy Electrical Geodesics Inc. (EGI.LN) in a deal that values the Oregon, U.S.-based medical device company at 29 million pounds ($36.7 million).
Philips, which is headquartered in Amsterdam, has offered 105.4 pence in cash for each Electrical Geodesics share held, a 36% premium to its closing share price of 77.5 pence in London on Wednesday.
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The deal, which is expected to close in the third quarter of this year, has the support of Electrical Geodesics' board.
A key component of Electrical Geodesics products is the company's proprietary dense array EEG platform technology, which gathers brain-activity data from many more electrodes than conventional EEG products.
With regulatory clearance in the U.S., E.U. and a number of other major international regulatory bodies, Electrical Geodesics' technology has been increasingly adopted as a powerful research tool and as a cost-effective, patient-friendly clinical neuro-diagnostic platform.
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(END) Dow Jones Newswires
June 22, 2017 02:44 ET (06:44 GMT)