Philips Buys BioTelemetry for $2.8 Billion in Cardio Push (2)

Royal Philips NV agreed to buy U.S.-based BioTelemetry Inc. for $2.8 billion to expand in wearable heart monitors as the Dutch company expands in the burgeoning at-home care market.

Shareholders of Conshohocken, Pennsylvania-based BioTelemetry will receive $72 a share in cash, Philips said in a statement Friday, a 17% premium over Thursday’s closing price.

With the global coronavirus pandemic still raging, demand for Philips’s equipment that allows doctors and nurses to provide real-time remote care over the cloud is surging. The Amsterdam-based company expects the BioTelemetry purchase to add to sales growth and expand its profit margin in 2021.

“There’s ...