Philips is acquiring Agilent's 47% stake in Lumileds, increasing its ownership to 96.5% for approximately $950 million. This acquisition will help Philips expand its presence in the high-growth LED market and solidify its leadership position. Lumileds is a leader in high-power LEDs and has shown strong annual growth and profitability. The deal will allow Philips to be involved in all stages of the LED value chain from chip production to final luminaires.