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.
Gibson Brands, based in Nashville, USA, has in recent years invested in audio brands including Onkyo and TEAC as part of its ambition to become a global leader in music and sound. This transaction will leverage Gibson Brands' strong market presence in the U.S. and Japan, and WOOX Innovations' market strength with Philips-branded audio and home entertainment products in Europe, China, Latin America and other growth geographies.
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