Philips sells 70% of MedQuist for $285M

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Royal Philips Electronics has completed the sale of its approximate 69.5 percent ownership interest in MedQuist to CBaySystems Holdings for about $285 million.

Philips said the financial results related to the transaction will be booked under ‘Discontinued Operations’ in its third quarter 2008 results.

Pursuant to the stock purchase agreement, the directors of MedQuist appointed by Philips have stepped down.

The New York City-based CBaySystems has an existing portfolio of businesses in medical transcription, healthcare technology and healthcare financial services, including CBay Systems & Services, CBay Systems Private and Mirrus Systems.