Royal Philips Electronics and The Genlyte Group Incorporated today announced that Philips has completed its acquisition of Genlyte through the merger of its indirect wholly-owned subsidiary with and into Genlyte. As a result of the merger, Genlyte has become an indirect wholly-owned subsidiary of Philips.
As of the first quarter of 2008, Genlyte's financial results will be accounted for in the financial results of the Luminaires business group within Philips Lighting. Philips anticipates acquisition and integration charges related to the Genlyte acquisition of approximately EUR 55 million for 2008, of which EUR 40 million are expected to impact Philips' 2008 EBITA. Philips expects to book approximately EUR 30 million of the acquisition and integration charges in the first quarter of 2008, of which approximately EUR 15 million will impact Philips' first quarter 2008 EBITA.
Genlyte has requested that the NASDAQ file a Form 25 with the United States Securities and Exchange Commission causing the delisting of Genlyte's common stock from the NASDAQ and the deregistration of its common stock under the United States federal securities laws.
Source: Philips
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