Press Release

Kirkland & Ellis Represents TPV in Agreement with Philips on Television Joint Venture

Royal Philips Electronics announced yesterday that it has signed the agreement to transfer its television business into a joint venture with TPV Technology Limited. The new company will be 70 percent owned by TPV and 30 percent owned by Philips. The initial term sheet was announced earlier this year, on April 18.

A Hong Kong-based team of Kirkland & Ellis LLP partners Nicholas Norris, Ashley Young and Douglas Murning, counsel Steven Tran, and associates Joey Chau and Anthony Chan represent TPV in the transaction.

Closing of the deal, which is expected at the end of the first quarter of 2012, will take place after necessary merger clearance, governmental and TPV shareholder approvals are obtained.

The joint venture will be responsible for the design, manufacturing, distribution, marketing and sales of Philips' Television worldwide, with the exception of mainland China, India, United States, Canada, Mexico and certain countries in South America. As part of this transaction, the Philips Television innovation and manufacturing sites, commercial organizations, headquarters and employee base of 3,500 will be transferred into the joint venture.

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Kirkland offers its clients a full-service Asia transactional and Hong Kong law practice, with enhanced capabilities in private equity M&A and fund formation, public M&A, Hong Kong capital markets, Mandarin-capable U.S. capital markets, debt finance and tax. Combined with Kirkland's transactional teams in mainland China, the United States and Europe, Kirkland offers a full range of global transactional services to its clients with interests in Asia.

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