The medical device giant Royal Philips (NYSE: PHG) is back with a new deal, adding BioTelemetry, Inc. (NYSE: BEAT). The deal is valued at $2.8 billion, consisting of $72.00 per share in cash, or a 16.5% premium to BEAT’s closing price on December 17, 2020. BioTelemetry, formerly known as CardioNet, is a leading provider of remote cardiac diagnostics and monitoring, centralized core laboratory services for clinical trials, remote blood glucose monitoring and original equipment manufacturing for healthcare and clinical research customers.

BioTelemetry generated an annualized 2020 revenue of $458 million and annualized 2020 EBITDA of $92.3 million.

The acquisition is a strong fit with Philips’ cardiac care portfolio, and its strategy to transform the delivery of care with integrated solutions. BioTelemetry and its approximately 1,900 employees will become part of Philips’ Connected Care business segment.

The acquisition is projected to be sales growth and adjusted EBITDA margin accretive for Philips in 2021. The BioTelemetry business is expected to grow by double-digits and to improve its Adjusted EBITDA margin to more than 20% by 2025.

This is the largest deal for Royal Philips in 2020, and its second one of the year. according to search results in our Healthcare Deal Database. In August, the company acquired Intact Vascular, Inc. for $360 million to enhance its image-guided therapy portfolio, combining Philips’ interventional imaging platform and diagnostic and therapeutic devices with Intact Vascular’s unique, specialized implantable device to optimize the treatment of patients with Peripheral Artery Disease. Intact Vascular will become part of Philips’ Image-Guided Therapy business.