Canon Inc. has completed its acquisition of a Toshiba Corp. medical unit that the embattled parent company put on sale earlier this year in a bid to emerge from a window-dressing scandal.
The printer, photocopier and camera manufacturer announced the purchase Monday of Toshiba Medical Systems Corp. for ¥665.5 billion after it cleared procedures by anti-monopoly watchdogs overseas.
The deal reflects Canon’s hope to enhance its medical sector by utilizing Toshiba Medical Systems’ strength in equipment such as magnetic resonance imaging and X-ray systems.
In March, Toshiba announced a series of steps to emerge from its accounting scandal, including a plan to sell the medical equipment unit to Canon. Toshiba admitted last year to having hidden massive losses in sectors such as infrastructure and semiconductors.
Fujifilm Holdings Corp. and a coalition of Konica Minolta Inc. and a British private equity fund had also tried to acquire Toshiba Medical.
Japan’s Fair Trade Commission issued a warning against Canon in June alleging the company had begun procedures for the acquisition before it notified the FTC of the plan.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.