PHILPS will acquire Genlyte for $2 billion 700 million

PHG, a consumer electronics giant, announced on it would buy Genlyte, a US lighting maker, for $95.50 a share, at a price of $2 billion 700 million per share, on Monday (GLYT).

Genlyte board of directors unanimously recommended that shareholders accept the offer.

PHILPS said in a statement that the merger will create the largest lighting company in North america.

With Genlyte's extensive customer base in North America, this transaction will help PHILPS accelerate the adoption of energy-saving green lighting technology in this region.

PHILPS also said that the transaction is expected to be completed in the first quarter of next year, Genlyte will be incorporated into its lighting division's lighting business group.