Philips completes takeover of Respironics
17 March 2008
Royal Philips Electronics (NYSE:PHG, AEX:PHI) has announced that it
has completed the acquisition of Respironics (NASDAQ:RESP), which will
now become an indirect wholly owned subsidiary of Philips.
This follows the completion of the tender offer last Friday (14
March, see article: Philips announces completion of tender offer to acquire Respironics).
Respironics will become the headquarters of Philips' Home Healthcare
Respironics has now taken moves to be delisted from NASDAQ and as of
March 10, 2008, Respironics' financial results will be accounted for in
the financial results of Philips Healthcare.
Philips has also announced the expected financial effects of this and
its other recent healthcare takeovers, of clinical IT companies VISICU
Inc. and Emergin, Inc.
Philips says it provisionally anticipates acquisition and integration
charges related to the Respironics, Visicu and Emergin acquisitions of
approximately €200 million for 2008,
of which approximately €100 million
is expected to impact Philips’ 2008 EBITA.
Philips expects to book approximately €40
million of the acquisition and integration charges in the first quarter
of 2008, of which approximately €25
million will impact Philips’ first quarter 2008 EBITA.