Royal Philips Electronics (Amsterdam, the Netherlands) will acquire Avent Holdings Ltd. (London) from private equity firm Charterhouse Capital Partners LLP for approximately 460 million British pounds (approx. U.S. $859 million).
Avent is a leading provider of baby and infant feeding products in the United Kingdom and the U.S., with sales in more than 60 countries. Through co-branding with Avent, Philips intends to create a premium product category for future mother and baby care products, including electronic components.
“We view the health and well-being of mothers and infants as a key future market for Philips. Through this acquisition, we can build on Philips’ leading position in Europe in baby monitors to become a leading provider of products in this market,” said Andrea Ragnetti, CEO of Philips Domestic Appliances and Personal Care division. With the Avent acquisition, he said, "We see an excellent opportunity for emerging as a strong player in this growing market."
Pending approvals, the acquisition is expected to close in the third quarter of 2006, and Avent will be integrated into Philips’ Domestic Appliances and Personal Care division.
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