The Hindu Business Line : CBaySystems eyeing 69.5% stake in MedQuist

Mumbai, May 22 Healthcare and medical transcription solutions provider CBaySystems Holdings Ltd intends to acquire 69.5 per cent stake in MedQuist Inc from Koninklijke Philips Electronics N.V. (Philips) for approximately $287 million.

In order to facilitate this acquisition, CBaySystems has agreed to sell 57.8 per cent of its stake to affiliates of SAC Private Capital Group, LLC and Lehman Brothers for $123 million, according to a company release.

The subscription for shares in CBaySystems Holdings and the acquisition of Philips’ shares in MedQuist are expected to close concurrently during the third quarter of 2008. “MedQuist has impressive technology, management and employees.

“We look forward to working with the MedQuist team as it seeks to enhance MedQuist’s revenue growth and to deliver an ever-expanding portfolio of products and services to customers,” said Mr Raman Kumar, Chairman and Chief Executive Officer, CBaySystems.

Headquartered in Mount Laurel, New Jersey, MedQuist provides healthcare technology and medical transcription services to more than 1,500 hospitals and physician practices in the US. MedQuist reported total revenues of $340.3 million, for the year ended December 31, 2007.

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