US-based health technology firm Royal Philips has completed the acquisition of BioTelemetry, which provides remote cardiac diagnostics and monitoring, for $2.8bn.

The latest move follows signing of a definitive merger agreement in December last year to begin a tender offer to acquire all the issued and outstanding shares of BioTelemetry.

Philips noted that the transaction will be a strong fit with its cardiac care portfolio, as well as its strategy to transform the delivery of care along the health continuum using integrated solutions.

It also added that the combination of the two companies will result in a global leader in patient care management solutions for the hospital and the home.

Royal Philips CEO Frans van Houten said: “The combination of Philips’ leading patient care management portfolio in the hospital with BioTelemetry’s leading cardiac diagnostics and monitoring portfolio outside the hospital will result in a global leader in patient care management solutions for the hospital and the home for cardiac and other patients.

“With our collective portfolios, and our healthcare informatics and services platforms, we will be in an optimal position to improve patient care across care settings for multiple diseases and medical conditions.”

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BioTelemetry’s clinically validated ambulatory cardiac diagnostics and monitoring services include short-term Holter monitoring services, long-term Holter monitoring services, event recorder services, and mobile cardiac outpatient telemetry (MCOT) services.

Under the terms of the deal, BioTelemetry and its nearly 1,900 employees will now be part of Connected Care business segment of Philips.

Furthermore, all the remaining shares of BioTelemetry are converted into the right to receive $72 per share in cash, without interest and less any applicable withholding taxes.