of SHL’s Raytel Cardiac Services into Philips.
Tel Aviv/Zurich, 30 October 2007 – SHL Telemedicine Ltd. (SWX: SHLTN), a leading provider and developer of advanced personal telemedicine solutions, announces that it has been advised by the Pre merger Notification Office of the US Federal Trade Commission that early termination of the U.S. Antitrust Waiting Period has been granted thereby clearing the sale of Raytel Cardiac Services and other ancillary operations comprising SHL’s US cardiac monitoring activities to Royal Philips Electronics (NYSE:PHG, AEX:PHI).
Earlier this month, SHL and Philips announced this transaction in which SHL will receive around USD 110 million as upfront cash consideration and debt assumption plus participation in future revenues from current Raytel services and certain new products and services for up to 9 years. The transaction is expected to close after approval by SHL’s shareholders in a Special General Meeting to be held on November 27th, 2007.
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