Philips to Get Stronger in MRI with Intermagnetics Acquisition
Royal Philips Electronics today announced plans to buy Intermagnetics General Corp. in a deal valued at roughly $1.3 billion to be paid in cash upon completion. Intermagnetics develops, manufactures and markets high-field superconducting magnets used in Magnetic Resonance Imaging (MRI) systems. Through this vertical integration Philips intends to streamline its supply chain and improve its ability to innovate in the global MRI market, which according to the company weighted more than $6 billion in 2005.
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.
June 15, 2006 Related topics: Imaging, Mergers & Acquisitions