Philips looks to sell MedQuist stake

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Royal Philips Electronics on Friday said it intends to proceed with the sale of its 70 percent stake in MedQuist, the U.S. medical transcription and billing services company.

Philips first announced on July 6 that it considered MedQuist a “non-core business” and it was reviewing future options for it.

The sale will result in a loss of approximately €320 million ($464.6 million U.S.), non-cash and non-tax deductible, to be recognized in the fourth quarter of 2007, according to Philips.

The company originally paid €1.3 billion ($1.89 billion) for MedQuist in 2000.