FTC OKs MedQuist, M*Modal deal

The U.S. Federal Trade Commission has cleared medical transcription services provider MedQuist Holdings' acquisition of M*Modal, a speech recognition software developer. The transaction appeared on the FTC's early-termination list (PDF) Monday.

MedQuist, Franklin, Tenn., announced in July it had agreed to acquire Pittsburgh-based M*Modal for $130 million, including $48.4 million in cash at closing, $28.8 million in cash installments over three years and 4.1 million of MedQust stock valued at $52.8 million.

All that remains is the deal's closing, MedQuist marketing director Tom Mitchell said. No date has been set for a closing, however, he said. Mitchell added that a "rebranding" is being considered, but he had nothing else to announce at this time.