Philips Electronics said it's planning to sell its 70% stake in medical transcription firm Medquist , if a satisfactory price can be achieved.

Philips will shift MedQuist's results to discontinued operations, and the decision will result in a non-cash, non-tax loss of 320 million euros ($462 million) to be taken in the fourth quarter, Philips said. Philips had previously said it was considering such a move, but MedQuist earlier in the month became current in SEC filings. Philips said it will coordinate with MedQuist in conducting an auction for a sale.