April 19, 2010 (FinancialWire) — MedQuist Inc. (NASDAQ: MEDQ) and its majority shareholder CBay Inc. said that the United States Bankruptcy Court for the District of Delaware has approved the sale of substantially all of Spheris' assets to MedQuist Inc. and CBay Inc. Under the terms of the sale, MedQuist will acquire Spheris' U.S. assets and CBay will acquire the stock of Spheris India Private Limited, a subsidiary of Spheris.  

The purchase price is $98,833,900 in cash and an unsecured subordinated promissory note issued by MedQuist Transcriptions, Ltd. in an aggregate principal amount of $17.5 million.  The companies said they expect the transaction to close in April.

MedQuist CEO Peter Masanotti, called his firm, “a natural partner for Spheris," New Jersey-based MedQuist offers a healthcare information management platform that serves as the foundation for its transcription service offerings and includes workflow management, core measures reporting, structured documentation, data analytics, and customer reporting.

MedQuist’s solutions also include interactive speech recognition for radiology and general medicine, DocQvoice for capturing dictation, and computer-assisted coding and abstracting.

CBay Holdings, together with its subsidiaries and equity investees, is a provider of technology-enabled medical transcription services and related revenue cycle solutions.

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