Gibson Acquires Woox Innovations

Gibson Brands has made another consumer electronics acquisition, agreeing to buy Woox Innovations from Philips for $135 million and a brand license fee.

Woox is Philips’ Audio, Video, Multimedia and Accessories business.

“This agreement is the most significant step yet in Gibson Brands’ journey to become the largest music and sound technology company in the world,” Gibson Brands Chairman and CEO Henry Juszkiewicz said as part of the announcement.

“By acquiring Philips’ audio and home entertainment business, our goal is to continue to provide the most exceptional consumer audio products and experiences in the world. I am thrilled to extend the reach of Gibson Brands around the world and to welcome this great team to the Gibson family.”

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