Philips to buy Saeco espresso maker company

Philips has agreed to buy Saeco, the largest maker of espresso coffee machines in Europe.
The Italian firm, which has around a third of the European market, also manufactures Gaggia and Lavazza coffee makers. Amongst Philips’ range of coffee machines the most high profile is the Senseo coffee pod system.

In a statement, Philips said: “Successful completion of this transaction is, amongst others, subject to Philips reaching a final agreement with Saeco’s banks with which the company has outstanding credit obligations.”