Philips Buys Color Kinetics for $791 Million

6/20/07Follow @bbuderi

Barely four days after a leading analyst put out a warning saying Color Kinetics’ stock had reached its full value, the Boston LED lighting company yesterday announced it had agreed to be purchased by Philips for a hefty $791 million, driving its stock up higher.

The announcement bumped the stock up nearly four points to a new high of $33.65. The sale marks the end of an era for the 10-year-old Color Kinetics, whose technology, as the Boston Globe‘s Carolyn Y. Johnson poetically reported, “illuminates the ziggurat silhouette of the Hyatt hotel on the banks of the Charles…and the wheel in the Wheel of Fortune.” Johnson’s very nice piece includes a photo gallery of some of Color Kinetics’ projects.

Bob is Xconomy's founder and editor in chief. You can e-mail him at bbuderi@xconomy.com, call him at 617.500.5926. Follow @bbuderi

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