Report: Canon to acquire Toshiba Medical Systems for more than $6 billion

According to a new report from Tokyo, Toshiba is selling its Toshiba Medical Systems unit to Canon for more than $6 billion. The companies are still working out the exact details of the highly anticipated deal. 

“Board members believe the limited overlap between the two companies' operations will lead to smooth antitrust proceedings,” the report from Nikkei Asian Review read.

According to another report from Nikkei Asian Review, the goal is to have this deal finalized by March 18.

The second round of bidding for the Toshiba subsidiary took place last week, with Canon, Fujifilm Holdings, and Konica Minolta all in the running.

Toshiba announced it was selling its medical unit after the company admitted it had overstated its profits by nearly $2 billion over the last seven years. More than 100,000 job cuts had already been announced as a result of the scandal.

In December 2015, a report from The Yomiuri Shimbun said Fujifilm Holdings was “the likeliest” candidate to purchase the subsidiary from Toshiba.

Previous coverage of Toshiba’s decision to sell Toshiba Medical Systems can be found here and here.