TPV to acquire Philips stake in TP Vision

TPV Technology Limited has inked a sale-and-purchase agreement with Philips to acquire the latter's 30 per cent stake in TP Vision.

TP Vision is a joint venture between Philips and TPV relating to the Philips TV business in Europe and some South America countries. The agreement was signed through TPV's wholly owned subsidiary, MMD.

The 30 per cent stake is being purchased for a deferred purchase price, which is calculated based on four times the average proportional earnings before interest and tax (EBIT).