Philips is taking over US medical diagnostics firm TeleMetry for €3bn, the Dutch electronics giant said on Friday.

TeleMetry specialises in online heart monitoring and diagnostics. The company’s board is recommending shareholders accept the Philips offer which is worth some $72 a share, a premium of 16.5% on Thursday’s closing price.

TeleMetry currently monitors over one million heart patients remotely and the acquisition is ‘a strong fit with Philips’ strategy to transform the delivery of healthcare,’ Philips said. 

‘The acquisition of BioTelemetry fits perfectly with our strategy to be a leading provider of patient care management solutions for the hospital and the home,’ said Philips chief executive Frans van Houten in a press statement.

‘BioTelemetry’s leadership in the large and fast growing ambulatory cardiac diagnostics and monitoring market complements our leading position in the hospital… We e will be in an optimal position to improve patient care across care settings for multiple diseases and medical conditions.’