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3M to buy M*Modal's tech unit for $1B

3M Co. said it will acquire the technology unit of healthcare documentation solutions provider M*Modal for a total enterprise value of $1.0 billion.

The U.S. industrial conglomerate said the acquisition is estimated to be 10 cents dilutive to earnings in the first 12 months following the completion of the transaction. Closing is expected in the first half of 2019.

To ensure continuity and strong customer support, 3M said it will maintain a strategic business relationship with M*Modal's businesses that are not included in the deal, which are the transcription, scribing and coding services divisions.