Royal Philips Electronics has announced that it is to sell its broadband unit, Philips Broadband Networks, to C-COR in a E80 million deal. The deal is not expected to go through until the second half of this year and is subject to regulatory approval.
Philips Broadband Networks currently employs around 500 people and deals with a wide range of clients from the European and Asia-Pacific markets. The unit is involved in the design, manufacture and distribution of technology used in the broadband industry. Philips Broadband Networks manufactures transmission products, network optimising technologies and element management systems.
It is widely anticipated that Philips Broadband Networks will become part of C-COR’s Broadband Communications Products division. C-COR is hoping that the acquisition will help to generate more than $100 million in revenues per year.