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Sony and Philips venture close Intertrust deal
NEW YORK, Jan 7 (Reuters) - Consumer electronics makers Sony and Philips said on Tuesday they had closed a previously announced deal to acquire Intertrust, a maker of digital copy-protection software, for roughly $450 million.
Sony's U.S. unit, Philips of the Netherlands, together with a unit of Arkansas-based investment bank Stephens Inc., said their jointly owned Fidelio Acquisition Co. closed the deal on terms set in November.
Closing of the acquisition follows completion of a tender offer by Fidelio last week. Holders of any remaining shares not already tendered as part will receive $4.25 a share, some 26 percent above the share level before the deal was announced.
Intertrust is a top holder of patents in the field of "digital rights management," or DRM -- software used to control the distribution of easily duplicated digital technology such as music, movies, electronic books and software itself.
A spokesman for Sony said the acquisition was made in order to guarantee the companies access to copy-protection technology for their products. Sony and Philips have yet to disclose their specific plans on how they will use InterTrust technology.
"For Sony DRM (digital rights management) is very important technology," said Mack Araki, a spokesman for Sony in New York. "We have a vision that all Sony products will be network-ready and connected."
Araki said that Intertrust copy-protection technology may have uses across all of Sony's core businesses, which include music and film entertainment, consumer electronics, computers, mobile phones.
Intertrust will no longer trade as a public company on Nasdaq as a result of the merger. Shares closed on Tuesday at $4.24.
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