By Razak Musah Baba
Diversified health and well-being company Royal Philips (PHIA)
said Monday it has signed an agreement regarding the sale of WOOX
Innovations, to Gibson Brands, Inc., for $135 million and a brand
license fee.
Under the terms, Gibson Brands will pay a brand license fee,
relating to a license agreement for an initial period of 7 years,
the company said.
The deal is expected to close in the second half of 2014,
subject to customary conditions, including regulatory filings and
works council procedures.
Philips Chief Executive Officer Frans van Houten said: "With
this transaction, we are taking another important step in Philips'
transformation to become a leading technology company in health and
well-being,"
WOOX Innovations, headquartered in Hong Kong with 1,900
employees worldwide, is Philips' audio, video, multimedia and
accessories business.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
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