Dutch health technology company Philips has agreed to divest its Emergency Care Business to Bridgefield Capital, a US-based investment firm specialised in private equity, for an undisclosed sum.

Philips Emergency Care Business, which is part of the company’s Connected Care segment, offers products for acute care management, both inside and outside the hospital.

It supports cardiac resuscitation, such as automated external defibrillators, and emergency care devices for professional and consumer applications.

The business operates in more than 130 countries with more than three million Automated External Defibrillators (AEDs) and Advanced Life Support (ALS) devices worldwide.

With a network of 480 global distribution partners, the business has grown as a provider of life-saving technologies in communities, workplaces, and hospitals.

Bridgefield Capital will get an exclusive licence to use the Philips brand for the manufacturing, sales, and marketing of Emergency Care products worldwide, for up to 15 years.

The transaction is expected to be completed later this year, subject to the satisfaction of certain closing conditions and customary regulatory approvals.

Bridgefield Capital managing director Joseph Mathews said: “At Bridgefield, we focus on investment opportunities where we can create value by building strong, standalone platforms in attractive industry segments.

“We are thrilled to acquire the Philips Emergency Care Business, a top three global player in the dynamic and rapidly growing emergency medical market.

“This business exemplifies everything we look for in an exceptional investment – industry leadership, innovation, and a proven ability to deliver life-saving solutions on a global scale. We are excited to support its next phase of growth as a focused, standalone entity.”

Bridgefield Capital said that Philips Emergency Care Business will support its strategy to invest in the emergency care market through its new entity, Emergency Care Holdings.

The investment company values Emergency Care market at more than $26bn and believes the acquisition is an opportunity for growth and innovation.

It intends to use Philips Emergency Care to establish a high-value platform, expanding its presence in this dynamic and rapidly evolving industry.

Furthermore, Bridgefield said it is committed to creating a business that addresses critical healthcare needs while delivering long-term value.

Bridgefield managing director Richard Foster said: “As a focused and agile standalone entity, the Philips Emergency Care Business can concentrate on its core mission, innovate rapidly, and deliver exceptional value to its customers and communities worldwide.

“We are excited to support the talented management team, its’ committed employees and dedicated group of global distributors, as together we realise the global life-saving potential of this essential company.”