The company that makes Gibson guitars has acquired the audio and multimedia arm of Dutch firm Philips.
Nashville-based Gibson Brands announced in April that it would buy Woox Innovations, Philips' audio, video, and home entertainment business. That deal has passed all regulatory hurdles and now closed, with Gibson Brands paying $135 million and a license fee.
Gibson Brands, most notable for its Gibson Guitar Corporation, has invested in multiple audio firms in recent years including Onkyo. The company said its acquisition of Woox would leverage Gibson Brands’ strong market presence in the US and Japan as well as strengthen Woox's market strength in Europe, China, Latin America, etc.
"The closing of the deal marks a major step in achieving Gibson Brands’ ambition to be the largest music and lifestyle entertainment company in the world," announced Gibson in a press release on 30 June.
The video business will stay with Philips until a transfer to Gibson Brands in 2017. Until that time, a distribution agreement will make Woox fully responsible for the marketing and sales of Philips' optical video products.
Woox is headquartered in Hong Kong and has 1,900 employees worlwide. The company is known for products like the A5-PRO professional DJ headphone, M1X-DJ controller and sound system, and Fidelio E5 home cinema sound system (meaning the Philips Fidelio soundbar might be made by Gibson going forward).
Henry Juszkiewicz, CEO of Gibson Brands, said Woox would continue Gibson's growth trajectory, providing "exceptional consumer audio products and experiences in the world."