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BRIEF-Philips transfers remaining 30 pct stake in TP Vision to TPV
January 20, 2014 / 10:16 AM / 4 years ago

BRIEF-Philips transfers remaining 30 pct stake in TP Vision to TPV

AMSTERDAM, Jan 20 (Reuters) - Koninklijke Philips NV : * Philips to transfer remaining 30 pct stake in television joint venture TP vision to TPV * Says brand license agreement will remain in place for Philips-branded TVS * Says signing of definitive agreements is expected to take place in the first quarter of 2014 * Remaining 30 pct stake in TP vision will be transferred for a deferred pur chase price * Says an annual royalty of 2.2 pct of sales payable by TP Vision to Philips * Says the minimum annual royalty has been reduced from 50 mln euros to 40 mln euros * All outstanding loans and stand-by facilities between Philips and TP Vision will be transferred to TPV * Agreement includes 50 mln euros transaction-related payment

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