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Philips to get 23 pct Pace stake after selling ops

AMSTERDAM, Dec 19 (Reuters) - Dutch Philips Electronics PHG.ASPHG.N said on Wednesday it agreed to sell its Set-Top Boxes (STB) and Connectivity Solutions (CS) businesses to U.K.-based technology provider Pace Micro Technology PIC.L in exchange for 70 million Pace shares.

Philips said in a statement it will have a 23 percent stake in Pace after completion of the transaction, which is expected to close in the first quarter of 2008.

The stake is valued at 90 million euros ($129.5 million) based on the closing price of Pace shares on Dec. 18, Philips said. (Reporting by Gilbert Kreijger)

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