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December 2, 2008 11:49:13 AM CST

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Philips to Buy Sleep Therapy Firm for $5B

Posted Dec 21, 07 6:01 PM CST in Science & Health,  Technology,  Business 

(Newser) – Electronics giant Philips will buy Respironics, an American maker of sleep therapy products, for $5.1 billion, Reuters reports, its most expensive foray yet into the health-care sector. That plan has seen Philips purchase lighting firm Genlyte for $2.7 billion and medical systems provider Visicu for $430 million within the past month as the company works to leverage its cash pile.

Observers say the deal speaks to continued expansion of the US medical sector as well as weakness of the US dollar: "Just as Europeans are out shopping on Fifth Avenue, they're also out shopping for U.S. companies," said one industry analyst, adding that the move indicates that mergers and acquisitions haven't totally stalled in the face of the credit collapse.

Sources Reuters, Bloomberg

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The Philips logo.   (Philips)
Gerard Kleisterlee, CEO of Philips addresses an audience in this undated file photo.   (Getty Images)
Gerard Kleisterlee, CEO of Philips.   (Getty Images)
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