Philips announced that it has completed its acquisition of
Partners in Lighting International ("PLI"). PLI is a European market leader in home luminaires. It develops, manufactures and markets a broad portfolio of more than 10,000 distinct home lighting luminaires under brand names such as Massive, TRIO and Lirio, and concepts like Aqua, LED and Cucina.
Together with PLI,
Philips will be able to establish a strong presence as an industry shaper in the emerging market for solid state lighting solutions in the home, that will enable consumers to create different lighting atmospheres with energy efficient LEDs.
Under the terms of the agreement, which was announced on November 13, 2006, Philips acquired PLI from CVC Capital Partners, a private equity investment company, at an enterprise value of approximately EUR 590 million, which was paid in cash upon completion. As a result of the transaction,
PLI will be financially consolidated with immediate effect within the Lighting division of Royal Philips Electronics.
Source:
Philips
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