[Satellite Today 04-20-09] Royal Philips Electronics sold its 17 percent stake in set-top box supplier Pace to investors in a capital markets transaction, the company announced April 17.
    The transaction will provide Philips with net proceeds of 76 million euros ($100.3 million) and is expected to result in a non-taxable gain of 48 million euros ($63.4 million) in the second quarter of 2009, which will be recognized in financial income and expenses. Philips now has no stake in Pace and said the transaction was in line with its strategy to dispose of non-core shareholdings.
    Pace announced a deal to acquire the set-top box and connectivity solutions business of Philips at the end of 2007.