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Philips announces completion of sale of MedQuist stake to CBaySystems

News Type：Latest NewsHit:652Add DateTime：07-08-2008
Wednesday, August 06, 2008

Amsterdam, the Netherlands – Royal Philips Electronics (AEX: PHI, NYSE: PHG) announced today it has completed the sale of its approximate 69.5% ownership interest in MedQuist Inc. (NASDAQ: MEDQ) to CBaySystems Holdings (AIM: CBAY) for a total consideration of approximately USD 285 million.



The financial results related to this transaction, which are not material to Philips, will be booked under “Discontinued Operations” in Philips’ third quarter 2008 results. Pursuant to the Stock Purchase Agreement, the directors of MedQuist appointed by Philips have stepped down.



MedQuist will complement CBaySystems Holdings’ existing portfolio of businesses in medical transcription, healthcare technology, and healthcare financial services, including CBay Systems & Services Inc, CBay Systems Private Ltd and Mirrus Systems.



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