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Philips Electronics Acquires Saeco May 27, 2009 |
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Royal Philips Electronics reached a binding agreement to acquire Saeco International Group S.p.A., the Italy-based leading espresso machine maker that is controlled by PAI partners. Saeco is based in Gaggio Montano, Italy, and it makes espresso machines branded under the Saeco and Gaggia names. Philips said the deal is contingent on reaching a deal with Saeco's creditors on assuming the company's debts.