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Canon to buy Toshiba Medical for around $6.2 bln -Nikkei
March 9, 2016 / 6:43 AM / 2 years ago

Canon to buy Toshiba Medical for around $6.2 bln -Nikkei

TOKYO, March 9 (Reuters) - Japan’s Canon Inc is set to buy Toshiba Corp’s medical equipment unit for 700 billion yen ($6.2 billion), beating rival Fujifilm Holdings Corp in a hotly contested auction, the Nikkei business daily reported on Wednesday.

The conglomerate put Toshiba Medical Systems Corp on the block to help fund restructuring after a $1.3 billion accounting scandal, attracting a bevy of suitors, particularly Japanese imaging companies whose products range from cameras and copiers to diagnostic devices.

Toshiba Medical, the world’s second-largest manufacturer of CT scan machines, also makes X-ray and magnetic resonance imaging (MRI) systems. It had revenue of 405.6 billion yen in the past financial year.

The second-round of bidding also included Konica Minolta Inc which had teamed up with European buyout firm Permira, a source familiar with the matter said earlier.

Toshiba said it would be making an announcement shortly. ($1 = 112.5700 yen) (Reporting by Junko Fujita and William Mallard; Editing by Edwina Gibbs)

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