Gibson Brands is extending its diversification into the music and audio lifestyle sector, announcing its agreement with Royal Philips to acquire WOOX Innovations, the audio, video, multimedia and accessories business of Philips.
Gibson Brands will pay $135 million and a brand license fee, relating to a license agreement for an initial period of seven years.
“This agreement is the most significant step yet in Gibson Brands’ journey to become the largest music and sound technology company in the world,” said Gibson Brands chairman and CEO Henry Juszkiewicz. “By acquiring Philips’ audio and home entertainment business, our goal is to continue to provide the most exceptional consumer audio products and experiences in the world. I am thrilled to extend the reach of Gibson Brands around the world and to welcome this great team to the Gibson family.”
“With this transaction, we are taking another important step in Philips’ transformation to become a leading technology company in health and well-being,” said Philips chief executive officer Frans van Houten. “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.”
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