Pace To Pay Less for Philips Set-Top Box Business

[Satellite Today – 3-31-08] Pace Micro Technology will now pay less for the set-top box division and connectivity solutions Business of Philips, the company announced March 31.

    As a result of changes in trading terms with certain key customers, as well as other issues identified after the initial transaction was announced, the deal now is valued at 63 million pounds ($125.7 million). The original deal, announced in December, had valued the business at 68 million pounds ($135.7 million).

    “We are very pleased to have reached a revised agreement with Philips to acquire its set-top box and connectivity solutions business,” Neil Gaydon, CEO of Pace, said in a statement. “Following a rigorous process of due diligence and appraisal we are confident that the proposed acquisition represents a significant value-enhancing opportunity for both Pace and our shareholders.”