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Royal Philips Electronicshas signed definitive agreement to acquire U.S.-based lighting fixtures company Genlyte Group Inc. for approximately $2.7 billion.

Genlyte designs, manufactures and sells lighting fixtures, controls and related products for a wide variety of applications, including solid-state lighting.

The transaction follows Philips' June acquisition of LED lighting system vendor Color Kinetics, securing its presence in the U.S lighting fixtures market. The deal will also provide the company a platform for further profitable growth by building on Genlyte's extensive presence among lighting customers in North America to speed up the adoption of energy-saving, green lighting technologies.

"Today's announcement is another major step for Philips in executing its strategy to establish a global leadership position as a provider of energy efficient, solid state lightingsolutions in key application areas. It follows on our recent acquisitions of Color Kinetics, TIR Systems, Partners in Lighting International, as well as our earlier investment to acquire full ownership of LumiLeds," said Theo van Deursen, CEO of Philips Lighting.

"Philips is shaping the future of the lighting industry by building up an extensive portfolio of innovative, green lighting," Larry Powers, chairman, president and CEO of Genlyte commented. "We believe joining with Philips is in the best interest of our shareholders, customers, vendors and employees, and that our combined resources will produce the best possible entity for competing, growing and creating value for our customers."