Royal Philips Electronics and TIR Systems have announced that they have entered into an agreement under which Philips will acquire 100 percent of TIR's outstanding shares. The total value of the transaction is approximately $63.7 million. This acquisition will allow Philips to incorporate TIR's sizeable intellectual property portfolio into its own substantial solid-state lighting patent portfolio, which is expected to strengthen Philips' position as a leader in solid-state lighting.