Exor Buys 15% Stake in Philips
14 Août 2023 - 07:49AM
Dow Jones News
By Joe Hoppe
Exor and Royal Philips jointly said that they have entered a
relationship agreement, with Exor picking up a 15% stake in Philips
for an undisclosed sum, but worth around 2.58 billion euros ($2.82
billion).
Investment company Exor, which holds stakes in a number of
companies such as car makers Ferrari and Stellantis, said Monday
that its investment is fully supportive of Dutch health-technology
company Philips' leadership, strategy and value creation potential,
and gives it the ability to nominate one member to Philips'
supervisory board.
As of Friday's closing, Philips had a market cap of around
EUR17.18 billion.
Exor said it was committed to being a long-term minority
investor, and while it doesn't plan to buy more shares in Philips
in the short-term, over time the agreement allows for Exor to
increase its participation to a maximum limit of 20% of Philips'
outstanding share capital.
"Exor's investment in Philips, their long-term outlook and
increased focus on healthcare and technology, fit well with our
strategy and substantial value creation potential," Philips Chief
Executive Roy Jakobs said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
August 14, 2023 01:34 ET (05:34 GMT)
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