Philips closes ATL acquisition

October 14, 1998

Philips parent Royal Philips Electronics of the Netherlands announced this month that the company has closed its acquisition of ATL Ultrasound of Bothell, WA. Philips acquired 94% of ATL shares Sept. 29, and the acquisition was completed Oct. 2 when ATL

Philips parent Royal Philips Electronics of the Netherlands announced this month that the company has closed its acquisition of ATL Ultrasound of Bothell, WA. Philips acquired 94% of ATL shares Sept. 29, and the acquisition was completed Oct. 2 when ATL merged with Philips Acquisition, and the remaining ATL shares were converted into the right for ATL to receive $50.50 per share in cash. The deal is estimated at roughly $800 million. ATL will become an affiliate of Philips Medical Systems.