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Philips to buy medical device maker Volcano for $1.2 billion

AMSTERDAM (Reuters) – Philips has agreed to acquire U.S.-based medical device maker Volcano Corp for $1.2 billion including debt, its largest healthcare acquisition in seven years and an effort to cash in on more complex treatments for an aging population. Philips said the acquisition would lead to synergies in research and development and sales, and would add to Philips' earnings per share by 2017. The offer, a public tender of $18 per share, is at a premium of about 57 percent to Volcano's closing price on Tuesday. …