Kirkland & Ellis and De Brauw Blackstone Westbroek have advised on a joint venture between Dutch electronics company Royal Philips Electronics N.V. and Hong Kong-based TPV Technology Ltd.
The deal is a way for Philips to offload its money-losing television unit, which contributed to a drop in first quarter net profits, according to Bloomberg. As part of the deal, Philips will be providing $524 million in loans and one-off advertising and promotion support.
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