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Royal Philips Electronics NV will provide more than 385 million euros ($524 million) in financial backing to secure a television joint venture with TPV Technology Ltd. after protracted negotiations to offload the unprofitable unit.

Philips will book a pretax charge of about 270 million euros in the fourth quarter following the transaction, the Amsterdam-based company said today in an e-mailed statement. The new company will be 70 percent owned by TPV and 30 percent by Philips. The deal is expected to close in the first quarter of 2012.

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