December 18, 2019 / 6:37 AM / 2 months ago

Fujifilm to buy Hitachi's medical equipment business for $1.7 billion

FILE PHOTO: Fujifilm's company logo (top) is seen at its exhibition hall nearby the headquarters of Fujifilm Holdings Corp in Tokyo, Japan June 12, 2017. REUTERS/Kim Kyung-Hoon/File Photo

TOKYO (Reuters) - Fujifilm Holdings Corp (4901.T) said on Wednesday it is buying Hitachi’s (6501.T) diagnostic imaging business for 179 billion yen (1.28 billion pounds) to better compete with Siemens (SIEGn.DE) and General Electric (GE.N) in the medical equipment market.

The deal, to be completed by July next year, allows the Japanese photocopier and camera manufacturer to deepen its push into healthcare as growth at its legacy photocopy business stagnates.

It follows a recent series of acquisitions by Fujifilm, including a drugmaking business from U.S.-based Biogen Inc (BIIB.O) and two biotechnology units from JXTG Holdings Inc (5020.T).

Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman

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