Invest AG set to buy Philips' Speech Processing unit

The deal remains subject to regulatory approval and is expected to close in Q2 2012. Upon completion, the company will trade under the name Speech Processing Solutions GmbH.

The sale of the unit was motivated by Philips' effort to reposition its Lifestyle Entertainment divison. 

Company
Speech Processing is a developer and manufacturer of dictation and speech processing devices with headquarters in Vienna, Austria. It was established in 1954 and employs approximately 170 people worldwide.

Speech Processing is part of Philips' Lifestyle Entertainment unit, which accounted for 32% of the company's sales in 2011. Philips' overall sales totalled €22.6bn in 2011.

People
Andreas Szigmund, CEO, and Oliver Rammerstorfer, investment manager, led the deal on behalf of Invest AG. 

Advisers
Equity - Haslinger/Nagele & Partner, Claudia Kaindl (Legal).

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• Buyouts
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• DACH
• Invest AG
• Austria