Set-top deal gathers Pace
PACE Micro Technology today said it had successfully passed a key hurdle in completing the £68m deal which will make it one of the world's leading set-top box makers.
The Saltaire-based group's purchase of the set-top box business of European electronics giant Philips is conditional on Philips completing a consultation procedure with its works council in France.
Pace today announced that this has been concluded satisfactorily. The acquisition is subject to approval by shareholders at an EGM next month.
It is buying the Dutch group's set-top box and 'connectivity solutions' business, which supplies satellite, cable, terrestrial and internet television components.
The deal will create a business which has global annual sales of 8.5 million boxes.
The Philips' business employs 335 staff, mainly in France. The division is a leading designer and supplier of digital TV products including satellite, cable, terrestrial and internet set-top boxes.
Pace and Philips each have more than 20 years' experience in the digital set-top box market. Their combined operation put them in the top three worldwide, with a strong customer and product portfolio.
As part of the deal, Pace will be entitled to use the Philips brand on an agreed range of retail products for the next three years on an agreed range of retail products for the next three years.
