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Philips to buy health technology company for €250 million in cash

Koninklijke Philips NV agreed to buy health technology company EPD Solutions for €250 million in cash plus deferred milestone-dependent payments.

EPD Solutions, owned by the Switzerland-based Hobart Group, makes a cardiac mapping and navigation system used to create a 3D model of the heart.

The system, which received the European CE mark approval in February, can help doctors map the location and orientation of catheters in the heart for treating cardiac arrhythmias, or heart rhythm disorders.

Philips said it expects to recognize a provision of about €210 million relating to the contingent payments upon closing of the transaction.

The Amsterdam-based diagnostic imaging giant said the deal is expected to be completed in July 2018, subject to customary closing conditions, after which EPD and its employees will become part of Philips' image-guided therapy business.

The U.S. Food and Drug Administration is currently reviewing a 510(k) application for EPD's system for imaging and navigation during arrhythmia ablation procedures.

Philips said EPD's Executive Chairman and founder Shlomo Ben-Haim will continue to support the company to build a new business based on this acquisition.