Breaking News: Philips sells stake in Pace
ELECTRONICS company Philips Electronics is selling its 17% stake in Yorkshire set-top box maker Pace.
Philips received the stake of 50.7m shares when it sold its set-top box business to Pace last April.
JP Morgan Cazenove (JPMC), which is handling the share placing, announced the sale today.
Saltaire-based Pace, which makes devices for BSkyB, Canal Plus and Comcast Corp, had agreed to waive the lock-up period given by Philips, which was due to expire on April 21, JPMC said.
The placing is expected to close on or before close of business today, JPMC said.
Shares in Pace hit a seven-year high of 155p earlier this month after the company said an increase in demand for its products had allowed it to announce a “very significant upgrade” on its performance expectations for 2009.
The group said it was benefiting from consumers opting for home entertainment rather than going out, and for the increasing popularity of high-definition television.
