Japan-based Canon has entered into an agreement with Toshiba to acquire Toshiba Medical Systems (TMSC) for around JPY665.5bn ($5.94bn).

The companies have signed a share transfer agreement to make TMSC a subsidiary of Canon.

Canon secured exclusive negotiation rights to acquire TMSC as part of Toshiba’s aim to restructure its operations following an accounting scandal.

“Canon intends to solidify its business foundation for healthcare that can contribute to the world.”

The transaction is subject to clearance from the authorities regulating competition law in major countries.

TMSC is focused on the development and marketing of medical equipment, including diagnostic X-ray systems, medical X-ray computed tomography (CT) systems and magnetic resonance imaging (MRI) systems.

The company also produces diagnostic ultrasound systems, radiation therapy systems, diagnostic nuclear medicine systems, medical sample testing equipment, and information systems for medical equipment.

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By increasing the combination of both companies’ management resources, Canon intends to solidify its business foundation for healthcare that can contribute to the world.

Canon said it can leverage TMSC’s core strength in imaging diagnostics by further strengthening its operational strength in the in-vitro diagnostics business and next-generation medical IT, through M&A and other strategic investments.

Canon manufactures imaging and optical products, such as cameras, camcorders, photocopiers, steppers, computer printers and medical equipment.