Electronics giant Philips has sold its 70% stake in struggling US unit MedQuist to British firm Cbay Systems for $285m.
Philips paid $1.2bn for a stake of about 60 percent in Medquist in 2000, and later increased its holding.
MedQuist ran into trouble after the US authorities launched an investigation into whether it broke laws in connection with the provision of medical transcription services.
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