Funai Electric Co. Ltd. (TSE:6839) signed an agreement to acquire lifestyle entertainment business from Koninklijke Philips Electronics NV (ENXTAM:PHIA) for €150 million on January 29, 2013. The consideration comprises of €150 million paid in cash and a brand license fee. The acquisition includes Koninklijke Philips Electronics's audio, video, multimedia and accessories business. The remote control activities, which are predominantly business-to-business, are excluded from the transaction. The transaction is subject to customary conditions, including regulatory filings and works council procedures and it is expected to close in the second half of 2013 and the video business will transfer in 2017, related to existing intellectual property licensing arrangements.

Gaby Smeenk of De Brauw Blackstone Westbroek N.V. and Anderson Mori & Tomotsune acted as the legal advisors to Koninklijke Philips while Credit Suisse and Deloitte acted as the financial advisors to Koninklijke Philips. Jun He Law Offices in China acted as the legal advisor to Koninklijke Philips, Neil Hyman of Slaughter & May acted as the legal advisor to Philips, Zaballa Carchio Abogados in Argentina acted as the legal advisor to Philips. Stibbe acted as the legal advisor while Nomura acted as financial advisor to Funai. PriceWaterhouseCoopers provided due diligence and post-merger integration services to Funai Electric.