Royal Philips Electronics N.V. Working with Bank of America as it Scouts for M&A

Royal Philips NV is working with Bank of America Corp. as it scouts for acquisitions in medical devices to expand its health-care division, according to people with knowledge of the matter.

While the process is preliminary and no specific targets have been identified, Philips would consider smaller acquisitions as well as multibillion-euro deals over the next six to 12 months, said the people, who asked not to be identified because the plans are private.

The budget for purchases may increase depending on other potential asset disposals, the people said.

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