Philips to Buy Electrical Geodesics for GBP29 Million

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.

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.

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

June 22, 2017 02:44 ET (06:44 GMT)