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Coimbatore, Aug. 7 CBay Systems Holdings Ltd has said that it has successfully completed acquisition of a 69.5 per cent stake in MedQuist from Koninklijke Philips Electronics N.V. for a total consideration of $287 million. At the meeting held on August 5, the shareholders had resolved to approve the acquisition.

CBay Systems Holdings, is a holding company with investments in medical transcription, healthcare technology and healthcare financial services and MedQuist is said to be the world’s largest medical transcription services company.

According to a company release, the transaction was through following the subscription to about 89 million ordinary shareholders in CBay Systems by S.A.C. PEI CB Investment.

MedQuist would now join CBaySystems Holdings’ portfolio of operating companies, which includes CBay Systems & Services Inc., CBay Systems (India) Private Ltd. and Mirrus Systems.

More Stories on : Mergers & Acquisitions | Software

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