The company has inked the deal as part of its ongoing growth and diversification in the music and audio lifestyle field.
The deal will see Gibson Brands paying
Subject to customary terms, including regulatory filings and works council procedures, the deal would be completed in the latter half of this year.
"Philips and Gibson Brands have played significant roles in shaping the home entertainment and music industries and with this agreement the Philips brand will continue to be an innovation leader in this space."
Chairman and CEO of Gibson Brands,
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