JP Morgan has secured its relationship with Marconi, advising on the $1.1bn (€1.3bn) disposal of its medical systems unit to Royal Philips Electronics, the European consumer electronics group.

The UK-listed communications company had been working with JP Morgan for several months prior to announcing at March's annual general meeting that it intended to dispose of the unit. Siemens, the German electonics company and General Electric, the US industrial conglomerate, also approached Marconi early on in the sales process, according to one source close to the negotiations.