A PYMNTS Company

Japan: Toshiba gets $5.9 billion deal to sell medical unit to Canon

By  |  March 17, 2016

Canon agreed to buy Toshiba medical equipment unit for 665.5 billion yen as the world’s biggest maker of cameras seeks new growth.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The deal will be funded by existing cash and borrowings, Tokyo-based Canon said in a statement Thursday. The agreement comes a day after unsuccessful bidder Fujifilm Holdings questioned Toshiba about the sale.

    Toshiba, which makes everything from nuclear power equipment to laptop computers, flash memory chips and home appliances, is seeking to revive profits by narrowing the scope of its business lines. An accounting scandal has left the Japanese conglomerate in tatters, facing record losses, job cuts and potential spinoffs.

    Canon is buying a business that makes diagnostic imaging systems such as MRI, X-ray and ultrasound equipment. It would also take the company into competition with General Electric Co., Royal Philips NV and Siemens AG for MRI machines that typically cost more than $100,000 each.

    Full content: The Wall Street Journal

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.