Healthcare BPO firm Cbay Systems has acquired nearly 70% in medical transcription firm MedQuist from Koninklijke Philips Electronics N.V for US$ 287 million. The transaction is being part financed by a fresh equity investment of US$ 123 million in Cbay Systems by Lehman Brothers and SAC Private Capital Group. The investment will give them a 57.8% stake in the AIM-listed Cbay. “We believe that it is a highly-accretive transaction to Cbay sharedholders from 2009. Cbay was the largest player in medical transcription after MedQuist and Spheris

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