Royal Philips acquired Electrical Geodesics for £29m

Royal Philips, a global leader in health technology, today announced an agreement to acquire Electrical Geodesics Inc, a US-based medical device company that designs, develops and commercializes a range of non-invasive technologies used to monitor and interpret brain activity. EGI’s portfolio of EEG hardware, software and acquisition sensors will complement Philips’ existing portfolio of imaging technologies and advanced informatics for neurological applications. The combined portfolios will enable Philips to address neurological disorders such as stroke, epilepsy, traumatic brain injury and Parkinson’s disease. Under the terms of the agreement, EGI stockholders will receive, in cash, 105.4 pence per EGI share, which constitutes a 36% premium to EGI’s closing price on June 21, 2017, for a total equity value of £29.0m (approximately $37m). The transaction is subject to customary closing conditions, including EGI stockholder approval, and is expected to close in the third quarter of 2017.