The European Commission Friday cleared Dutch electronics company Philips NV (PHG) to acquire Italian espresso machine maker Saeco International.

Saeco produces espresso machines for commercial and private use, vending machines and operates under the brands of Saeco, Gaggia and Spidem.

Philips is buying the company from private equity firm Pai Partners.

-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88; alessandro.torello@dowjones.com