Royal Philips to Buy Electrical Geodesics for $36.7 Million
European technology firm Royal Philips will buy Eugene, Oregon-based devicemaker Electrical Geodesics for $36.7 million.
Electrical Geodesics, which produces non-invasive devices used to monitor brain activity and complete diagnoses, still needs to put the deal to a shareholder vote. If they vote in favor of the deal, it is expected to close in the third quarter of 2017.
EGI is the largest bioscience and health technology firm in the region by number of local employees, and had revenues of $14.3 million in 2016. The acquisition will allow Philips to develop new diagnostic imaging and clinical informatics to assess brain anatomy and physiological processes, and EEG mapping tools from EGI to measure electrical brain activity.