Philips to acquire Raytel for $110M

Royal Philips Electronics is set to acquire Windsor-based Raytel Cardiac Services for about $110 million. The transaction, expected to be complete in the last quarter of 2007, will make Raytel a part of the Philip’s Home Healthcare Solutions business group, ultimately broadening Philip’s health care reach. Raytel is a provider of home cardiac monitoring services. Philips representatives say no jobs at Raytel will be lost as part of the acquisition.