Agfa finalizes acquisition of GWI

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Agfa Healthcare has completed its acquisition of German healthcare information systems and electronic patient record vendor GWI.
   
The transaction price consists of an up-front payment of $346.4 million (U.S.) and a potential earn-out of up to $124 million, Agfa said. The purchase price will be settled in cash. The accounts will be consolidated beginning Jan. 14. The acquisition is immediately cash accretive but will have a dilutive effect on Earnings per Share to the extent of approximately 3 percent to 5 percent during the first two years, Agfa said.
   
GWI develops and markets administrative and clinical IT systems for hospitals. The company's ORBIS is an information system that encompasses a fully integrated range of general administration, workflow and documentation systems as well as highly specific clinical departmental systems. GWI's customer base comprises more than 2,000 medical sites in Germany, Austria, Switzerland and France.
   
Taking account of the full year revenues of its recent acquisitions, GWI anticipates 2004 revenues to be $154 million (U.S.) with an operating result of $26 million, Agfa said.