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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