Philips Electronics this morning said it has agreed to sell its "Lifestyle Entertainment" business, including audio, video, multimedia and related accessory products, to Funai Electric of Japan for 150 million Euros (about $201.5 million) plus a brand license fee covering 5.5 years, with an option for another 5 years. The deal is expected to close in the 2013 second half.
Philips Electronics this morning said it has agreed to sell its "Lifestyle Entertainment" business, including audio, video, multimedia and related accessory products, to Funai Electric of Japan for 150 million Euros (about $201.5 million) plus a brand license fee covering 5.5 years, with an option for another 5 years. The deal is expected to close in the 2013 second half.