Philips' proposed acquisition of US medical technology firm Intermagnetics General Corporation passed a key regulatory hurdle today.
The Dutch firm reported that the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 regarding the acquisition of Intermagnetics by Philips Holding USA, subsidiary of Koninklijke Philips Electronics, N.V has expired.
The merger is expected to close during the fourth quarter of 2006. Completion of the transaction remains subject to the conditions of the merger agreement, European regulatory approval, and the approval of Intermagnetics' shareholders.
Intermagnetics, which has a core business of magnetic resonance imaging (MRI) technology, has a 35-year history as a developer, manufacturer and marketer of superconducting materials, high-field magnets, medical systems and components.
The firm also runs Invivo Diagnostic Imaging, which focuses on MRI components and imaging sub-systems, together with Invivo Patient Care, which specialises in monitoring and other patient care devices.
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