LHSP kauft Dictaphone - Reuters - 500 Beiträge pro Seite

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Wednesday March 8, 2:51 am Eastern Time
Lernout & Hauspie buys Dictaphone Corp
BRUSSELS, March 8 (Reuters) - Belgian speech technology company Lernout & Hauspie said on Wednesday it was to buy U.S. dictation and telephony call centre recording systems maker Dictaphone Corporation.

Lernout & Hauspie will pay for Dictaphone by a transfer of about 4.75 million shares of its common stock.

Stonington Partners, the New York-based private investment fund which controls Dictaphone, has agreed to hold two million of the shares for two years and has assigned voting rights on these shares to an entity controlled by Lernout & Hauspie for two years.

Dictaphone had revenues of about $350 million in the fiscal year 1999 with earnings before interest charges and tax of about $30 million.

``By combining the two companies we significantly add to L&H`s revenue base while paying approximately 15 percent of our current market capitalisation,`` Chief Financial Officer Carl Dammekens said.

Lernout & Hauspie said the acquisition would build its product management resources and its customer base in the medical dictation and telecommunications market.

``Dictaphone Corporation gives L&H instant access to the resources to facilitate our launch of an entity dedicated to healthcare solutions,`` said President and Chief Executive Gaston Bastiaens.

``This should enable us to create an industry leading solution utilising speech and web technology to reduce transcription costs enterprise-wide and effectively manage patient information,`` Bastiens said.

Lernout & Hauspie shares closed at 112.87 euros on the Brussels-based pan European stock market Easdaq on Tuesday.

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