Financial terms were not revealed.
The transaction, which is subject to certain contractual and other conditions, is expected to close in the fourth quarter of 2008 whereupon Alpha will become part of the Cardiovascular X-ray business within Philips Healthcare.
Ronald de Jong, chief executive officer for emerging markets at Philips Healthcare, said: ‘The acquisition of Alpha is another great example of how Philips continues to strengthen its industrial and commercial footprint in emerging markets.
‘It provides us with significant presence in the high-growth economy segment for cardiovascular X-ray systems, underlining our commitment to deliver affordable healthcare solutions in emerging markets.’
Alpha’s product portfolio is said to complement Philips’ existing high-end cardiovascular X-ray range and will help Philips capture a significant portion of the global €1.8bn (£1.45bn) cardiovascular X-ray market.
Analysts estimate the economy segment is the fastest growing segment of the global cardiovascular X-ray market, with anticipated annual growth rates of 10 per cent to 15 per cent in coming years.