by Brendon Nafziger
, DOTmed News Associate Editor | April 27, 2011
Vital Images Inc. said late Wednesday it would be sold to its biggest customer, Toshiba Medical Systems Corp., in a deal worth nearly $273 million.
Toshiba said it would pay $18.75 per share for the Minneapolis-based medical imaging software developer, a 39 percent premium over the company's volume-weighted average for the past month, Toshiba said.
The deal, approved by the boards of both companies, is expected to close in the third quarter.
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Tokyo-based Toshiba and Vital Images have a relationship that stretches back nearly a decade. Toshiba distributes Vital Images' software in nearly 50 countries. And Vital Images developed, in partnership with Toshiba, SUREPlaque coronary plaque characterization software for CT scanners.
"This transaction will allow TMSC to significantly strengthen its Imaging Solutions business by integrating our technologies to meet the global demand for advanced visualization and imaging informatics provided to healthcare professionals and through healthcare IT providers," Satoshi Tsunakawa, the CEO of Toshiba Medical, said in prepared remarks.