Home Audio - Gibson Brands Announces Agreement to Acquire Philips' Audio and Home Entertainment Business
As part of its continued growth and diversification in the music and audio lifestyle arena, Gibson Brands, Inc. ( www.gibson.com ) today announced that it has signed an agreement with Royal Philips (NYSE: PHG, AEX: PHIA) to acquire WOOX Innovations, the audio, video, multimedia and accessories business of Philips. Under the terms of the agreement, Gibson Brands will pay $135 million and a brand license fee, relating to a license agreement for an initial period of 7 years. The deal is expected to close in the second half of 2014, subject to customary conditions, including regulatory filings and works council procedures.
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