CBaySystems acquires majority stake in MedQuist

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New Delhi, Aug 7 (UNI) CBaySystems Holdings Ltd today said it has completed the acquisition of 69.5 per cent stake for 287 million dollars in MedQuist, the world's largest medical transcription services company, from Koninklijke Philips Electronics NV.

The transaction was completed following the subscription to about 89 million new ordinary shares in CBaySystems by SAC PEI CB Investment, LP, a company statement said.

MedQuist will now join CBaySystems Holdings' portfolio of operating companies, which includes CBay Systems and Services, CBay Systems (India) Pvt Ltd, and Mirrus Systems.

''The acquisition also gives us access to a global talent pool and marquee clients. This acquisition is also about leveraging MedQuist's technical capabilities,'' CBay Vice-Chairman and Chief Executive Officer Raman Kumar said.

CBay is a holding company with a portfolio of investments in medical transcription, healthcare technology and healthcare financial services.

UNI SR SG PM1225

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