THE HAGUE, Dec 18 — Dutch electronics giant Philips said today it was buying US remote cardiac monitoring firm BioTelemetry for US$2.8 billion (RM11.3 billion).

The purchase comes as Philips, formerly best known for home appliances, moves into health equipment sales.

"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 statement.

BioTelemetry focuses on wearable heart monitors for the diagnosis and monitoring of heart rhythm disorders, with over a million patients a year, Philips said.

Amsterdam-based Philips said it would buy all outstanding BioTelemetry shares at US$72.00 per share.

Philips sold off its home appliance arm in January to fully concentrate on health sector products.

It has particularly focused on tele-health care for patients outside hospitals. — AFP