Philips, a conglomerate specializing in electronics, lighting and medical technology, has acquired medical device maker Respironics for $5.2bn (€3.6bn), ending a sluggish year for healthcare mergers and acquisitions with the eighth-largest deal of 2007.
The deal is an all-cash tender offer which values Respironics' stock at $66 per share. News of the acquisition boosted Respironics' share price 23% to $65.34 at 12:11 EST.
