De Brauw Blackstone Westbroek has advised Philips on the divestment of its Lifestyle Entertainment business to Funai. The product portfolio of Lifestyle Entertainment includes audio, video, multimedia and home communication products.

As part of the divestment, Philips will grant Funai a license for the use of the Philips brand for a period of five and a half years against payment of a royalty. The transaction is expected to close in the second half of 2013.

After entering into a joint venture with TPV last year for Philips TV, in which deal De Brauw also advised Philips, the sale of the Lifestyle Entertainment business is another step of Philips towards reshaping its portfolio and further focus on its Health and Well-being activities.

Click here to read Philips' press release.