Royal Philips (AEX: PHI, NYSE: PHG) announced today that it has reached an agreement to acquire Italy-based Ilti Luce SpA, one of the leading LED design companies in Europe for architectural indoor lighting. Upon closing of this transaction in the first quarter of 2009, which is subject to certain contractual and other conditions such as regulatory approvals, Ilti Luce will become part of the Professional Luminaires business within the Philips Lighting sector. Financial details of this agreement were not disclosed.
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