Business / Corporate

Canon completes acquisition of Toshiba medical unit

Kyodo

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.

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