Philips’ M&A Journey: Building a Medical Imaging Portfolio While Selling Its Past

Philips pivoted to healthcare by acquiring medical imaging firms: ATL Ultrasound (1998, $0.8B), Marconi Medical (2001, $1.1B, CT/MRI), Intermagnetics (2006, MRI magnets), Volcano (2015, intravascular imaging), while divesting legacy lighting and electronics.

• The 2021 Respironics CPAP recall turned Philips' largest acquisition ($5.1B in 2008) into its largest liability, erasing more than half the company's market value and pausing major M&A.
• Philips co-founded ASML and was a founding investor in TSMC, which today exceed Philips' own market value by 20- to 80-fold.

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