Royal Philips Electronics has signed an agreement to purchase Saeco International Group S.p.A., the Italy-based leading espresso machine maker which is controlled by PAI partners.
Successful completion of this transaction is, amongst others, subject to Philips reaching a final agreement with Saecos banks with which the company has outstanding credit obligations.
Philips will offer additional detailed information about this proposed acquisition if and when conditions for a successful agreement have been met.
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