Barco has signed an agreement to acquire the Saronno, Italy-based display company FIMI, a fully owned subsidiary of Royal Philips Electronics' Healthcare Business, in order to expand into new market segments, such as mobile point-of-care devices.

The total transaction cost at closing is EUR19 million ($28.4 million U.S.). The contract further provides for an additional earn-out of EUR10 million ($14.97 million U.S.) over the next five years. The transaction is subject to certain customary conditions being met.

Barco of Kortrijk, Belgium, said that the acquisition of FIMI will open up new sales and business opportunities in the medical display market, as well as point-of-care devices. Also, Barco said it was looking to develop its relationship with Philips Healthcare as a “global customer.”