Philips buys US cardiac care firm BioTelemetry for $2.8 billion

THE HAGUE: Dutch electronics giant Philips said on Friday it was buying US remote cardiac monitoring firm BioTelemetry for $2.8 billion (2.3 billion euros). The purchase comes as Philips, formerly best known for home appliances, moves into health equipment sales.

"The acquisition of BioTelemetry fits perfectly with our strategy to be a leading provider of patient care management solutions for the hospital and the home," said Philips chief executive Frans van Houten in a statement.

BioTelemetry focuses on wearable heart monitors for the diagnosis and monitoring of heart rhythm disorders, with over a million patients a year, Philips said. Amsterdam-based Philips said it would buy all outstanding BioTelemetry shares at $72.00 per share.