Pace shareholders approve acquisition of Philips set-top box business

April 16, 2008 – The shareholders of UK set-top box firm Pace Micro Technology have approved the acquisition of the set-top box and connectivity solutions business of Royal Philips Electronics as part of a “reverse takeover” during a general meeting held today.

The value of the transaction has been revised down from an initial figure of up to €95mn to a current value of up to €88mn.  The acquisition is expected to be completed on April 21 of this year.