MedQuist acquires domestic assets of Spheris
SOURCE: Press Release
DATE: April 27th, 2010
MedQuist, Inc., a provider of medical transcription software and services, has acquired the domestic business of Spheris, Inc., a provider of clinical documentation technology and services. Both the companies are based in the US.
Simultaneously, CBay, Inc., MedQuist’s majority owner, has acquired the entire stock of Spheris India Private Limited, a medical transcription company.
CBay is a subsidiary of CBaySystems Holdings, Ltd., a US-based provider of technology-enabled BPO (business process outsourcing) services.
MedQuist and CBay have received approval from the United States Bankruptcy Court for the District of Delaware to acquire substantially all of the assets of Spheris.
Under the terms of the transaction, MedQuist will acquire Spheris’ US assets and CBay will acquire the stock of Spheris India.
The consideration includes $98.834 million in cash and an unsecured subordinated promissory note issued by MedQuist Transcriptions, Ltd. in an aggregate principal amount of $17.5 million.
The transaction is expected to close in April 2010.
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