Speech recognition and transcription technology provider MedQuist of Mount Laurel, NJ, will purchase the U.S. business of clinical documentation technology and services provider Spheris of Franklin, TN.
Spheris recently filed for Chapter 11 bankruptcy protection. The proposed transaction will occur under the guidance of U.S. bankruptcy laws and will be governed by a court-directed bidding process, as well as company and court approvals.
As part of the transaction, CBay, MedQuist's majority owner, will acquire the stock of Spheris India, a subsidiary of Spheris. The transaction could be completed in the first half of 2010.
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