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Philips reaches $2.17B deal to acquire Spectranetics

Philips will pay approximately $2.17 billion, including debt, to acquire US cardiac device maker Spectranetics under an agreement that represents a 27% premium on Spectranetics' closing price on Tuesday. Royal Philips, which also intends to repurchase up to about $1.7 billion of its stock starting in the third quarter under a two-year repurchase program, expects the acquisition to augment its image-guided therapy business and bolster its position in the heart disease therapy space.

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