Court OKs MedQuist, CBay buy of Spheris

AuntMinnie.com staff writers
Apr 15, 2010

The U.S. Bankruptcy Court for the District of Delaware has approved the sale of substantially all assets of Spheris of Franklin, TN, to speech recognition and transcription technology provider MedQuist of Mount Laurel, NJ, and its majority shareholder CBay of Annapolis, MD.

MedQuist will acquire Spheris' U.S. assets, while CBay will purchase the stock of Spheris India, a subsidiary of Spheris. The transaction price includes $98.8 million in cash and an unsecured subordinated promissory note issued by MedQuist Transcriptions for $17.5 million.

The companies expect the transaction to close this month.

Related Reading

MedQuist revenues dip in 2009, March 15, 2010

MedQuist nets DMC contract, March 9, 2010

MedQuist teams with Epic, February 26, 2010

MedQuist to buy Spheris' U.S. assets, February 5, 2010

MedQuist highlights new directions for SpeechQ, December 1, 2009

Copyright © 2010 AuntMinnie.com

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