December 22, 2010

1 Min Read
Biotel Drops Lawsuit, Is Acquired by CardioNet

CardioNet Inc. announced today that it has completed its acquisition of Biotel Inc., a medical device firm that manufactures products that wirelessly record heart functions. CardioNet paid $11.6 million for the company. What makes the deal interesting is that CardioNet apparently reneged on the first deal to buy the firm, resulting in a lawsuit from Biotel. The litigation was dropped as part of terms of the new agreement. —Lawrence Lloyd

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