Dolby Laboratories said on Thursday it was acquiring GE Licensing, an intellectual property business targeting the consumer digital media and electronics sectors, in a $429 million deal.

The takeover, which aims to further Dolby's existing licensing businesses, comprises over 5,000 GE patents.

However, it excludes aerospace and defense IPs belonging to GE Aerospace, as well as the GE brand's trademark portfolio.

The transaction is estimated to close by the end of fiscal-year 2024 and is not expected to impact Dolby's 2024 results, the audio and imaging products maker said in a statement.

Dolby expects the deal to be accretive on an adjusted basis to operating margins and profit per share in fiscal-year 2025.

(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Pooja Desai)