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GE Healthcare makes bid to acquire IDX Systems

BURLINGTON, Vt. – GE Healthcare, a unit of General Electric Company, and IDX Systems Corp., announced that they have entered into an agreement for GE to acquire IDX, a leading healthcare information technology (IT) provider.

IDX shareholders will receive US$44 per share payable in cash in the merger, for a total of US$1.2 billion, net of IDX cash and equivalents.

According to the companies, the combination of IDX with GE Healthcare will create a leading healthcare IT vendor, offering one of the most comprehensive suites of clinical, imaging and administrative information systems on the market.

“GE and IDX have a shared vision on how to accelerate the adoption of electronic health records across the globe,” said Joe Hogan (pictured at left), president and CEO of GE Healthcare. “We are extremely excited about joining with IDX and believe that our combined offerings are in line with where healthcare is headed and match the needs of our customers.”

“IDX has grown substantially in recent years and we believe our opportunities for continued growth and expansion will be best realized through the additional scale and resources that a company like GE can provide,” said Jim Crook, chief executive officer of IDX. “As part of GE Healthcare, we believe we will be able to capitalize more fully on the rapidly expanding opportunities in the healthcare IT industry worldwide to fulfill our mission to make a difference in healthcare.”

Vishal Wanchoo, president and CEO of GE Healthcare Information Technologies, said “IDX’s administrative, clinical and imaging information systems complement GE’s Centricity information technology offerings.

“Together, we will be able to offer a comprehensive set of solutions meeting almost every need a hospital, clinic or doctor’s office has, allowing them to deliver the best quality of healthcare possible to their patients, and to manage their businesses optimally.”

The transaction, which is subject to IDX shareholder and regulatory approvals, and other customary conditions, is expected to close by early 2006. In connection with the transaction, certain shareholders representing approximately 20 percent of the IDX shares outstanding have agreed, among other things, to vote their shares in favor of the proposed transaction. The Boards of Directors of GE and IDX have approved the transaction.

Headquartered in the United Kingdom, GE Healthcare is a $15 billion unit of General Electric Company (NYSE: GE). Worldwide, GE Healthcare employs more than 43,000 people committed to serving healthcare professionals and their patients in more than 100 countries.

About IDX Systems Corporation
Founded in 1969, IDX Systems Corporation provides information technology solutions to maximize value in the delivery of healthcare, improve the quality of patient service, enhance medical outcomes, and reduce the costs of care. IDX systems are deployed to serve approximately 150,000 physicians and are installed at over 3,400 customer sites, including more than 850 group practices and approximately 370 integrated delivery networks servicing more than 500 hospitals. IDX has approximately 2,400 full-time employees.