Royal Philips has acquired remote cardiac diagnostics and monitoring provider BioTelemetry for $2.8 billion, or $72 per share. The company will now be part of the Philips Connected Care business segment.

Royal Philips is buying BioTelemetry for $2.8 billion through a $72 per share tender offer. BioTelemetry will become part of Philips' Connected Care business segment. The transaction is expected to close in Q1 2021.

BioTelemetry's net profit under GAAP for 9 months of 2020 was $16.104 million, which is 43% lower compared to $28.268 million in the previous year. Revenue decreased by 0.1% to $326.795 million from $327.073 million a year earlier.