Konica Minolta to buy Ambry Genetics

TOKYO: Japan’s Konica Minolta said on Thursday it was purchasing US-based testing company Ambry Genetics in a deal valued at up to $1 billion. In a transaction that will be partially funded by a Japanese state-backed fund, it said that $800 million would paid in cash upon closure of the deal while $200 million could be paid over two years depending on financial performance. Konica Minolta will account for 60 per cent of the investment, with the fund, the Innovation Network Corp of Japan, accounting for the remaining 40 per cent. — Reuters