Philips to buy Color Kinetics for 592 mln euros

Dutch Philips Electronics (PHG.AS: Quote, Profile, Research)(PHG.N: Quote, Profile, Research) said on Tuesday it has reached a deal to acquire U.S. lighting maker Color Kinetics (CLRK.O: Quote, Profile, Research) for about 592 million euros ($793.5 million), valuing the company at $34 per share.

"The implied enterprise value of Color Kinetics in this offer is 516 million euros, taking into account approximately 76 million euros of cash on balance sheet as of March 31, 2007," Philips said in a statement.

Philips is the world's biggest lighting maker, a top three hospital equipment maker and Europe's biggest consumer electronics producer.

((Reporting by Foo Yun Chee; Reuters Messaging: foo.yunchee.reuters.com@reuters.net; tel +31 20 504 5012))

($1=.7461 Euro) Keywords: PHILIPS COLORKINETICS/

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