• November 27, 2007

Philips Holding USA, a subsidiary of Royal Philips Electronics, will purchase Genlyte Group, a leading manufacturer of lighting fixtures, controls, and related products for the commercial, industrial and residential markets, for $2.7 billion.

The acquisition, which will follow Genlyte's merger into Philips, will create one of the world leaders in lighting fixtures, controls and related products.

The acquisition will be conducted by means of a tender offer for all of the issued and outstanding shares of Genlyte, followed by the merger. The tender offer is subject to a number of customary closing conditions, and is expected to close in the first quarter of 2008.

--Nina M. Lentini