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EU clears Philips to buy Belgian lighting group

EU clears Philips to buy Belgian lighting group

EU regulators on Monday cleared Dutch electronics maker Royal Philips Electronics NV to buy Belgian-based home lighting company Partners in Lighting International, or PLI.
Philips, the world's largest lighting company, agreed in November to pay private equity firm CVC Capital Partners around euro550 million (US$707 million) for PLI.
The European Commission said its investigation showed that overlaps between the two companies were limited and that they faced strong rivals, guaranteeing a wide choice for consumers.
PLI is currently a customer for Philips' bulbs and light fixture components but combining the two would not exclude competitors or industrial customers, it said.
PLI, which has a 7 percent market share in home lighting in Europe, owns brands such as Lirio, Massive, Daks, Bright and Superlight. PLI had 4,700 employees and expects sales of around euro400 million (US$514 million) last year, Philips said.
Philips said it expected the deal to contribute to earnings beginning in 2008.


Updated : 2021-06-23 07:16 GMT+08:00