# Philips buys BioTelemetry for $2.8 billion in cardio push | Tech News (HT Tech) > Shareholders of Conshohocken, Pennsylvania-based BioTelemetry will receive $72 a share in cash, Philips said in a statement Friday, a 17% premium over Thursday’s closing price. # Philips buys BioTelemetry for $2.8 billion in cardio push ## Shareholders of Conshohocken, Pennsylvania-based BioTelemetry will receive $72 a share in cash, Philips said in a statement Friday, a 17% premium over Thursday’s closing price. Aug 21 2022, 13:31 IST ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook.png) ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook-hover.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Share.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Shareclicked.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp-hover.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter-hover.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook-hover.png) ![Bookmark](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmark.png) ![Bookmarked](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmarked.png) ![Philips to acquire BioTelemetry, Inc. for USD 72.00 per share; implied enterprise value of USD 2.8 billion (approx. EUR 2.3 billion)](https://images.hindustantimes.com/tech/img/2020/12/18/1600x900/philips_1608285454952_1608285464431.jpg) Philips to acquire BioTelemetry, Inc. for USD 72.00 per share; implied enterprise value of USD 2.8 billion (approx. EUR 2.3 billion) (Philips ) ![Author Photo](https://images.hindustantimes.com/tech/static/revamp/images/png/HTTech-new-circle-logo.png) ### By BLOOMBERG Royal Philips NV agreed to buy U.S.-based BioTelemetry Inc. for $2.8 billion to expand in wearable heart monitors as the Dutch company expands in the burgeoning at-home care market. With the global coronavirus pandemic still raging, demand for Philips’s equipment that allows doctors and nurses to provide real-time remote care over the cloud is surging. The Amsterdam-based company expects the BioTelemetry purchase to add to sales growth and expand its profit margin in 2021. “There’s an acceleration of telehealth and we think that’s structural,” Chief Executive Officer Frans van Houten said on a call. “That’s a fundamental push for cloud-based solutions.” Also read click here. ALSO READ: Philips wants to ban the sale of Xiaomi phones Philips shares rose 2.4% to 45.07 euros as of 9:54 a.m. in Amsterdam. Van Houten sees room for additional deals as he races to build out Philips’s telehealth and diagnostics portfolio to provide a one-stop shop for hospitals and clinics looking for ways to optimize costs. Having agreed to acquire the market leader in cardio wearables, Philips could go on to make other purchases as soon as next year, he said. The bulk of BioTelemetry’s sales come from equipment to diagnose and monitor heart disorders, with AI-based data analytics used to pick up abnormalities. It’s a market worth more than $3 billion and growing, according to Philips. By Andrew Marc Noel Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. 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