BRUSSELS (Reuters) - Philips (PHG.AS) won permission from the European Commission on Wednesday to buy U.S. sleep therapy products maker Respironics Inc for $5.1 billion, its largest deal to date in the fast-growing health-care sector.
The Commission said that while there were overlaps in the companies’ products, it concluded “that the operation would not significantly impede effective competition in the European Economic Area (EEA) or in any substantial part of it.”
Dutch Philips -- the world’s biggest lighting maker, a top three hospital equipment maker and Europe’s biggest consumer electronics firm -- said when the deal was announced it would pay $66 per share for Pennsylvania-based Respironics RESP.O.
Respironics is focused on medical equipment used in the home, particularly to diagnose and treat sleep and respiratory disorders such as obstructive sleep apnea.
Reporting by David Lawsky; Editing by Dale Hudson