Philips closes acquisition of Lifeline Systems, Inc.
Thursday, March 23, 2006, Amsterdam, The Netherlands - Royal Philips Electronics (NYSE: PHG, AEX: PHI) announced today that it has closed its acquisition of Lifeline Systems, Inc., a leading personal emergency response service company. Under the terms of the merger agreement announced on January 19, 2006, Lifeline shareholders received USD47.75 per share in cash, representing a total aggregate value of USD690 million net, of USD60 million cash and cash equivalents. As a result of the transaction, Lifeline Systems will be financially consolidated with immediate effect within the Consumer Health and Wellness business of Philips Domestic Appliances and Personal Care product division.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the world’s biggest electronics companies and Europe’s largest, with sales of EUR 30.4 billion in 2005. With activities in the three interlocking domains of healthcare, lifestyle and technology and 159,200 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions. News from Philips is located at www.philips.com/newscenter
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
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- Jeannet Harpe
- Philips Corporate Communications
- Royal Philips Electronics
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