Phillips to sell set top box business

Pace Micro Technology have picked a bargain set top box business from Phillips, as they have decided to reduce their Home Networks business unit which is part of the Consumer Electronics division, Pace are a UK based business and so know the market that they are already in and are looking to expand.

The deal is said to be worth around ninety million euros, but has been made in shares, Phillips will receive seventy million Pace shares making them a twenty three per cent share holder in the company. The value is made at the Pace share price as of the closing price on December 18th, which is where the valuation comes from.

Once the deal is completed Pace will become one of the largest set top box makers in the world, which is a brilliant place to be in, especially as the whole of the UK is working to shut down the analogue signal and therefore it means that consumers will need to either go with cable, satellite or other set top box system, but whatever they choose a Pace set top box is one of the choices that they have.

Story link: Phillips to sell set top box business