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MUMBAI: Consumer electronics major Philips has signed the agreement to transfer its television business into a joint venture with TPV Technology.
The new company will be 70 per cent owned by TPV and 30 per cent by Philips. The initial term sheet was announced earlier on 18 April.
The joint venture will be responsible for the design, manufacturing, distribution, marketing and sales of Philips? television worldwide, with the exception of India, mainland China, US, Canada, Mexico and certain countries in South America.
The closing of the deal, which is expected at the end of the first quarter of next year, will take place after necessary merger clearance, governmental and TPV shareholder approvals are obtained.
As a result of this transaction, Philips will report a pre-tax negative deal result in the fourth quarter of approximately EUR 270 million in addition to approximately EUR 110 million that was already charged in previous quarters. This result includes separation costs of approximately EUR 100 million.
Philips Chief Executive Officer Frans van Houten said, "I am pleased that we have now signed the Television joint venture agreement with TPV. This agreement is important for both Philips and TPV and provides clarity to our consumers, trade partners and employees. This joint venture leverages the strengths of both companies to improve the position of Philips Television in the market. It enables Philips to focus on expanding market leadership positions across our Healthcare, Consumer Lifestyle and Lighting sectors."
TPV chairman, CEO Jason Hsuan said, "This partnership is an important step in realizing our growth ambitions in the TV space. The joint venture is an extension of our ongoing relationship with Philips for many years and we are confident that together we can become a major player in Television globally."
As part of this transaction, the Philips Television innovation and manufacturing sites, commercial organisations, headquarters and employee base of 3,500 will be transferred into the joint venture.
Key Terms and Conditions of the Transaction include:
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