Philips Sells Its Lifestyle Entertainment Business To Japan’s Funai
Philips will transfer its lifestyle entertainment business (audio, video, multimedia and accessories) to Funai Electric Co. Funai will pay €150 million in cash to Philips and a brand licence fee, for an initial five and a half years, with an option for a further five years. The deal for the audio, multimedia and accessories businesses is expected to close in the second half of the 2013, reports Broadband TV News.
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