By Jaime Llinares Taboada

 

Koninklijke Philips NV said Thursday that it has agreed to sell its Domestic Appliances business for 3.7 billion euros ($4.37 billion) to investment firm Hillhouse Capital.

The Dutch technology company said it expects to receive EUR3 billion in cash for the sale, after taxes and transaction-related costs.

In addition, Philips and Domestic Appliances will enter into an 15-year exclusive brand license agreement for an estimated value of EUR700 million over the period, resulting in a total transaction value of EUR4.4 billion.

The deal is expected to be completed in the third quarter of 2021.

Domestic Appliances achieved EUR2.2 billion of sales in 2020, including kitchen, coffee, garment care and home care appliances.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

March 25, 2021 06:26 ET (10:26 GMT)

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